{
  "title": "Euro Area Policies: Financial Sector Assessment Program-Technical Note-Insurance, Investment Firm, and Macroprudential Oversight",
  "publication": "IMF Staff Country Reports, July 19, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/07/19/euro-area-policies-financial-sector-assessment-program-technical-note-insurance-investment-46104",
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  "summary": "While national authorities are still largely responsible for supervising the nonbank sector and applying the macroprudential framework, European Union (EU)-level organizations’ supervisory role is growing.",
  "sections": [
    {
      "heading": "Executive summary and main findings",
      "content": "- National authorities remain largely responsible for supervising the nonbank sector and applying the macroprudential framework.\n- European Union (EU)-level organizations’ supervisory role is growing.\n- Further convergence and strengthening of supervision of insurers and investment firms is consistent with the goals of an EU single market and financial stability.\n- The macroprudential framework functions well but could be simplified and expanded to cover aspects of the nonbank sector."
    },
    {
      "heading": "Policy analysis and implications",
      "content": "- Supervision\n  - Continued national responsibility for nonbank supervision coexists with an increasing EU-level supervisory role.\n  - Policy implication: convergence and strengthening of supervisory practices for insurers and investment firms supports single market objectives and financial stability.\n- Macroprudential framework\n  - Assessment: the framework functions well.\n  - Policy implication: simplify the framework and expand its coverage to address aspects of the nonbank sector not currently encompassed.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: July 19, 2018",
    "Series: IMF Staff Country Reports",
    "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.",
    "Supervision",
    "Macroprudential framework",
    "**Country Report**"
  ],
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