United Kingdom: Financial Sector Assessment Program-Financial Stability and Managing Institutional, Technology, and Market Transitions
IMF Staff Country Reports, April 8, 2022
Source details
- Canonical URL
- United Kingdom: Financial Sector Assessment Program-Financial Stability and Managing Institutional, Technology, and Market Transitions
Other formats
Bibliographic details
- Published: April 8, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400205316.002
Summary
- There has been a very smooth post-Brexit transition, with no material disruption nor any crystalized financial stability risks.
- The smooth transition resulted from the U.K. authorities’ (and in some cases the EU authorities) and firms’ extensive preparations.
- The U.K. authorities have been proactively engaging with the industry, monitored risks, and consistently provided necessary legal certainty in a timely manner.
- This approach should continue, to the extent that any risks and uncertainties from Brexit remain.
Major findings and observations
- Post-Brexit transition: "very smooth" with "no material disruption nor any crystalized financial stability risks."
- Role of authorities and firms: Extensive preparations by U.K. authorities, EU authorities in some cases, and firms were key to the smooth outcome.
- Ongoing recommendation: Continue proactive engagement, risk monitoring, and timely provision of legal certainty while Brexit-related risks and uncertainties persist.
Subjects and keywords (as listed)
- Central Bank digital currencies
- Financial sector policy and analysis
- Financial sector stability
- Financial services
- Interbank rates
- International organization
- Monetary policy
- Technology
- Virtual currencies
Keywords: Central Bank digital currencies, disclosures of U.K., Europe, exits risk, Financial sector stability, Global, Interbank rates, Libor Transition strategy, priority exit, U.K. market, Virtual currencies
Content in this bundle
- 1gbrea2022008