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Europe > Iceland

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Cover IMF Staff Country Reports
Iceland: Financial Sector Assessment Program-Technical Note on Management and Supervision of Climate-Related Financial Risks in the Banking Sector
International Monetary Fund. Monetary and Capital Markets Department
This technical note on Iceland presents analyses management and supervision of climate-related financial risks in the banking sector. The Icelandic authorities are committed to addressing climate change issues and reaching ambitious objectives to reduce greenhouse gas emissions. Domestic coordination with the Central Bank of Iceland (CBI) should be enhanced to support adequate consideration of climate-related financial risks within the financial sector. CBI should as soon as possible address the data quality and availability issues on climate-related financial risks. CBI has started to incorporate climate-related financial risks within the macroprudential surveillance and supervisory processes. The intensity and thoroughness of systematic supervision of climate-related financial risks within the banking sector should be gradually increased. In addition, banks should fully incorporate climate-related financial risks into their risk management frameworks in addition to their commendable efforts toward transparency. Finally, CBI should determine whether banks’ capital and liquidity buffers are adequate to cover climate-related financial risks.
Keywords:
climate-related financial risks; government initiative; EU norm; Climate-Related Financial risk; Iceland's strategy; Climate change; Commercial banks; External balance assessment (EBA); Credit risk; Global
Cover IMF Working Papers
Global Imbalances and External Adjustment after the Crisis
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.
Keywords:
WP; current account gap; Global crisis; Current account adjustment; current account balance; WEO current account projection; deficit country; gap term; Current account; Current account balance; Current account imbalances; Foreign assets; Global; Caribbean