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86th BIS Annual Report Sonntag, 26. Juni 2016 - 12:38
26 June 2016 |
There is an urgent need to rebalance policy in order to shift to a more robust and sustainable global expansion and address accumulated vulnerabilities, the BIS writes in its main economic review of the year. It calls for prudential, fiscal and structural policies to play a greater role.
Annual Report economic chapters: Overview | PDF (130 pages)
Speeches and presentations on the Annual Report by Jaime Caruana, General Manager; Claudio Borio, Head of the Monetary and Economic Department; Hyun Song Shin, Economic Adviser and Head of Research.
Remarks by Claudio Borio and Hyun Song Shin at the media teleconference held on 22 June 2016.
86th Annual Report by chapter
The global expansion continues. But the economy still conveys a
sense of uneven and unfinished adjustment. Expectations have not been
met, confidence has not been restored, and huge swings in exchange rates
and commodity prices in the past year hint at the need for a
fundamental realignment. How far removed are we from a robust and
sustainable global expansion? More...
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II. Global financial markets: between uneasy calm and turbulence |
In 2015 and 2016, financial markets experienced alternating phases
of calm and turbulence. As in prior years, prices in core asset markets
were keenly sensitive to monetary policy developments. Weaknesses in the
main emerging market economies (EMEs), especially China, were again
watched closely. Relative to a year earlier, by end-May 2016 equity
prices were lower; credit spreads higher; the dollar had depreciated
against most currencies; and bond yields were reaching new lows. More...
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The global economy continued to expand in the year under review,
with unemployment generally falling and global growth of GDP per capita
around its historical average. That said, sharp falls in commodity
prices and their subsequent partial recovery, large exchange rate moves
and lower than expected headline global GDP growth shaped perceptions.
These developments are often seen as the confluence of unrelated
negative shocks. But this triplet is, to an important extent, the result
of an economic and financial process that has unfolded over many
years. More...
Monetary policy remained very accommodative over the past year as
the room for manoeuvre narrowed. This long-standing exceptional stance
was maintained against the backdrop of stubbornly low headline inflation
in many economies, uneven global economic momentum and maturing
domestic financial cycles in a number of emerging market economies
(EMEs) and in some of the advanced economies least affected by the Great
Financial Crisis. More...
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Since 2008, policymakers have striven to contain the build-up of new
financial vulnerabilities and to avoid repeating the mistakes that led
to the Great Financial Crisis (GFC). They have tightened prudential
regulation and supervision and made increasing use, especially in
emerging market economies (EMEs), of macroprudential tools. But are
these measures enough? Should not fiscal policy, too, be an essential
part of the post-crisis macro-financial stability framework? More...
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The Basel III framework is nearing completion. In addition to
finalising the remaining calibration decisions, consistent and thorough
implementation is now key, alongside more rigorous supervision. With
regulatory uncertainty receding, banks need to keep adjusting their
business models to the new market environment. This includes addressing
legacy problems, such as those related to non-performing loans (NPLs).
Once financial sector repair is completed, safer and stronger banks will
unambiguously contribute to a more resilient economy. More...