2007年-FSB全球金融稳定委员会_Update_of_the_FSF039s_2000_HLI_Report_3页_74kb

Mario Draghi's Statement at the International Monetary and Financial Committee Meeting (April 14, 2007)

Core Content

The Financial Stability Forum (FSF) convened its seventeenth meeting in Frankfurt on 29 March 2007, where a range of issues related to global financial stability were discussed. The meeting was chaired by Mario Draghi, who emphasized the importance of addressing global risks, improving risk management practices, and enhancing regulatory and supervisory frameworks.

Main Issues and Discussions

1. Global Risks and Vulnerabilities

• The FSF reviewed recent turbulence in global equity, credit, and foreign exchange markets, noting sharp market movements and positive feedback effects.
• Despite the volatility, markets remained liquid, and counterparties met margin calls without causing further disruption.
• The environment was characterized by strong macroeconomic fundamentals and robust balance sheets.
• Credit risk transfer instruments were highlighted as tools for managing credit risk, but concerns remained about their behavior during stress.
• The U.S. sub-prime mortgage crisis was cited as an example of sectoral credit problems and their potential impact under the "originate-and-distribute model."
• Members called for strengthening the underpinnings of credit risk transfer and considered updating the 2005 FSF paper on this topic.
• The FSF also discussed the growth of private equity and leveraged buyout transactions, acknowledging their role in capital allocation while emphasizing the need for ongoing monitoring.

2. Hedge Funds and Counterparty Risk Management

• The FSF examined developments in the hedge fund sector and the regulatory actions taken to improve market discipline and risk management.
• Hedge funds have become more involved in credit markets, introducing complex products with significant risk management and valuation challenges.
• The importance of sound counterparty risk management practices was highlighted, including margining, collateral, and stress testing.
• The FSF endorsed recent guidelines from the U.S. President's Working Group and IOSCO, which set expectations for hedge fund managers to provide accurate and relevant information to investors and counterparties.
• The FSF is updating its 2000 report on highly leveraged institutions.

3. European Regional FSF Meeting

• A regional meeting in Stockholm highlighted vulnerabilities from the rapid growth of private sector credit in central and eastern Europe, particularly in foreign currency-denominated loans.
• Supervisory challenges related to cross-border financial groups were noted, with a call for improved information exchange and coordination.
• The meeting also addressed financial system reforms and the development of domestic capital markets, including the potential for region-wide initiatives.

4. Planning and Communication for Crises

• The FSF and UK authorities co-hosted a workshop in November 2006 on crisis planning and communication.
• Members agreed on the value of sharing experiences and lessons learned from crisis exercises and business continuity incidents.

5. Efficient and Effective Regulation

• National regulatory bodies are conducting a stocktaking exercise to compare their principles and procedures for developing and interpreting regulations.
• The goal is to enhance the effectiveness and consistency of regulatory practices across jurisdictions.

6. International Audit and Accounting Issues

• The Chairman of the International Forum of Independent Audit Regulators (IFIAR) presented on its work program, which aims to improve global audit oversight and quality.
• The FSF supported IFIAR's initiatives and encouraged its members to promote higher audit quality.
• Progress in harmonizing accounting standards and ensuring consistent interpretations was also noted.

7. Offshore Financial Centres (OFCs)

• The FSF acknowledged progress by several OFCs in improving compliance with international standards, including cross-border cooperation and information exchange.
• Members urged OFCs that have not met international standards or published detailed IMF assessments to make further improvements.
• The FSF will review its OFCs initiative in September.

Key Information

• The FSF focused on global financial stability, risk management, and regulatory coherence.
• The U.S. sub-prime crisis served as a case study for systemic credit risks.
• The role of hedge funds in credit markets was emphasized, with a call for improved transparency and risk management.
• Regional discussions highlighted the need for enhanced cross-border supervision and information sharing.
• The FSF supports initiatives to improve audit quality and accounting standards globally.
• OFCs were urged to align with international standards and contribute to global financial transparency.

Conclusion

Draghi's statement underscores the FSF's commitment to monitoring and addressing financial vulnerabilities, enhancing market discipline, and promoting consistent regulatory and supervisory practices across jurisdictions. The forum remains focused on maintaining global financial stability through improved risk management, transparency, and international cooperation.