Europe's sovereign debt crisis has exposed structural weaknesses in economic governance that now threaten the entire euro region. Efforts to reinforce public finances and preserve the currency union must go further than solutions proposed to date.
This seminar focused on how to improve the monitoring of insurance markets through the provision of sound insurance statistics and indicators both in the Asia region and globally.
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This paper examines the policies that have been proposed to solve the financial and sovereign debt crisis in Europe, against the backdrop of what the real underlying problems are: extreme differences in competitiveness; the absence of a growth strategy; sovereign, household and corporate debt at high levels in the very countries that are least competitive; and banks that have become too large, driven by dangerous trends in ‘capital
Discussions at the 2012 forum focused on the changing global investor base for government securities, primary market operations and new interactions between public debt management and monetary policy under fiscal dominance.
The differential between the interest rate paid to service government debt and the growth rate of the economy is a key concept in assessing fiscal sustainability.
The Czech fiscal position is generally sound and policy making is prudent. However, the fiscal framework was not strong enough to contain spending in the upturn and it would benefit from independent budget oversight.
The management of government debt and assets has important implications for fiscal positions.
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OECD governments are facing unprecedented challenges in the markets for government securities as a result of continued strong borrowing amid a highly uncertain environment with growing concerns about the pace of recovery, surging borrowing costs, sovereign risk and contagion pressures. The fourth OECD Sovereign Borrowing Outlook provides estimates for 2011 and projections for 2012. Higher than anticipated gross borrowing needs of
Bank regulation might have contributed to or even reinforced adverse systemic shocks that materialised during the financial crisis.
The 2008-09 global financial crisis did not result in the failure of any major financial institution in Israel, but it did reveal vulnerabilities in the non banking sector – particularly in the corporate bond market.