Euro Area Policies: Financial Sector Assessment Program-Technical Note-Insurance, Investment Firm, and Macroprudential Oversight

IMF Staff Country Reports, July 19, 2018

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Euro Area Policies: Financial Sector Assessment Program-Technical Note-Insurance, Investment Firm, and Macroprudential Oversight

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Bibliographic details

• Published: July 19, 2018
• Series: IMF Staff Country Reports

Executive summary and main findings

• National authorities remain largely responsible for supervising the nonbank sector and applying the macroprudential framework.
• European Union (EU)-level organizations’ supervisory role is growing.
• Further convergence and strengthening of supervision of insurers and investment firms is consistent with the goals of an EU single market and financial stability.
• The macroprudential framework functions well but could be simplified and expanded to cover aspects of the nonbank sector.

Policy analysis and implications

• Supervision
  • Continued national responsibility for nonbank supervision coexists with an increasing EU-level supervisory role.
  • Policy implication: convergence and strengthening of supervisory practices for insurers and investment firms supports single market objectives and financial stability.
• Macroprudential framework
  • Assessment: the framework functions well.
  • Policy implication: simplify the framework and expand its coverage to address aspects of the nonbank sector not currently encompassed.

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• Country Report
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  • Country Report (PDF)