Building a Better Banking Union: Financial Sector Policy Recommendations from the Euro Area FSAP

Friday, November 2

Mr. Daniel Hardy, Division Chief, Monetary and Capital Market Department, International Monetary Fund

Mr. Philip Reading, Oesterreichische Nationalbank (OeNB)
Mr. Lucas Grafl, Oesterreichische Finanzmarktaufsicht (FMA)

Mr. Hardy outlined the recent IMF Euro Area Financial Sector Assessment Program, which undertook an in-depth, critical examination of euro area financial sector policies and especially the functioning of the Banking Union. The presentation started from an overview of the financial strengths and weaknesses of the main euro area banks, and presented an assessment of progress in strengthening banking supervision under the Single Supervisory Mechanism. The design and functioning of the system for banking crisis preparedness and management was reviewed. Mr. Philip Reading (OeNB) and Mr. Lucas Grafl (FMA) provided comments from the Austrian perspective before discussion was opened to participants.

A detailed summary will be provided shortly.






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