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Despite progress in opening up the financial sector to international investors and in allowing domestic investors to invest abroad, liberalisation has been slow and in most market segments the foreign share remains very small.
The Spanish government announced on Friday, 29 January, its intention of postponing the retirement age from 65 to 67 and to increase the number of contribution years used to calculate pension benefits. The OECD believes that these measures are important steps in the right direction and would bring Spain closer in line with other OECD countries who have already reformed their pension systems.
Chinese financial institutions are now generally stronger and better regulated than a few years ago and the financial system is gradually opening up. However, further reforms are required.
El gobierno español anunció el viernes pasado su intención de elevar la edad oficial de jubilación de 65 a 67 años, y de aumentar el numero de años necesario para calcular la pensión. La OCDE considera muy positivas dichas medidas.
China’s monetary policy framework has gradually become more market-based. Going forward, it will need to place less emphasis on quantity-based liquidity controls and more on interest rate changes.
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The IOPS Principles for Pension Supervision are designed to cover occupational and personal pension plans and pension funds.
Adrian Blundell-Wignall talks about the impact of US proposals for banking reform and how they can help avoid a new financial crisis.
U.S. President Barack Obama’s plan to separate core commercial banking from some higher-risk activities in financial conglomerates and to place a moratorium on further consolidation could help to avoid a new financial crisis by resolving some major risks inherent to the current financial system.
Monetary policy and inflation prospects are broadly sound in Israel, but significant challenges remain for fiscal policy in reducing public debt.
The comparatively large magnitude of the losses of the two largest banks of Switzerland in relation to capital has underscored the systemic risks to the economy posed by the institutions’ size relative to Swiss GDP and their extensive cross-border and cross-currency activities.