Christine (1983) | ČSFD.cz
Christine (1983) - film: Recenze, Hodnocení, Zajímavosti, Videa, Galerie, Data uvedení, Diskuze, Filmotéka a další...
Kvůli Christine Keeler padla britská vláda. Modelku a špionku vlivní často zneužívali
Před 5 dnyStala se ústřední postavou aféry Profumo, která otřásla britskými konzervativní kruhy. Anglická tanečnice, modelka, ale také sovětská špionka Christine Keeler
Christine Lagarde: Monetary policy and financial stability: past lessons for future resilience
Před 10 dnyThe European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
Does the progress we have made in strengthening the regulatory and supervisory framework mean that policymakers can now let their guard down?
The answer, of course, is no. Today’s global financial system looks very different from the one that stood on the brink in 2008. [ 13 ] Two key shifts stand out compared with then. The first has been the massive structural transformation that has taken place, the most striking change of which has been the growing footprint of non-banks in financial intermediation. In the euro area, non-banks – ranging from investment funds and insurance corporations to money market funds and securitisation vehicles – have grown from about 250% of GDP in 2008 to more than 350% today. Non-banks are also highly interconnected with the banking sector. [ 14 ] In the euro area, banks’ asset exposures to non-banks are sizeable, averaging around one-tenth of significant institutions’ total assets. [ 15 ] At the same time, a second key shift is becoming increasingly evident – namely, signs of regulatory fatigue, which is creating an uneven playing field for financial institutions. In particular, investment funds, despite their increasing systemic importance, operate under far lighter rules compared with the banking sector. That has in part helped to fuel their growth. One of the reasons behind this regulatory fatigue is that the post-2008 global regulatory framework has arguably been a victim of its own success. In policymaking, 17 years is a long time. Not only do painful memories fade, but so too does the recognition that the financial stability the world now enjoys is thanks to the robustness of that global regulatory framework established back then. This fading sense of urgency, together with concerns that banks’ competitiveness vis-a-vis non-banks is threatened by the uneven playing field, has ignited calls to revisit the existing set of financial rules and regulations. The importance of levelling up regulation and supervisionSo how should policymakers react to these shifts in the financial system?
In short, it is vital that policymakers adapt regulation and supervision to this challenging environment. They should do so not by lowering standards for banks, but by levelling them up for non-banks that are involved in bank-like activities, or with significant links to the banking sector. That helps to address banks’ concerns about the uneven playing field. And better supervision of non-banks would make potential financial stability risks that have lain dormant in darker corners of the economy more visible, allowing policymakers to pre-empt them. Klaas, as FSB Chair, you have been a powerful voice in warning against the dangers of regulatory rollback. [ 16 ] And under your leadership, the FSB advanced ambitious policy recommendations on strengthening rules for non-banks. They covered money market fund resilience [ 17 ], liquidity mismatches in open-ended funds [ 18 ], margin preparedness [ 19 ] and, most recently, leverage in non-banks. [ 20 ] This is not to mention the FSB’s important work on other areas of financial stability risk. [ 21 ] As a central banker, I cannot pretend to be an unbiased observer in these discussions. Because if the regulatory and supervisory spotlight were to be broadened to non-banks, monetary policy would benefit too. If risks were to build outside the banking system, beyond the current reach of regulators and supervisors, the trade-offs that were evident before 2008 may re-emerge, with monetary policy de facto being the only tool to “get in all of the cracks” and rein in financial exuberance. [ 22 ] That would be a suboptimal outcome, one that potentially constrains central banks’ full freedom to defend price stability. So as referees on the playing field, it is vital that policymakers resist regulatory fatigue and redouble their efforts to extend stronger global rules to non-banks involved in bank-like activities, or with significant links to the banking sector. At the same time, after a decade of adding regulation, this is a good moment to take stock and assess how regulation can be simplified to avoid duplication and unnecessary burdens on financial institutions. In this respect, the ECB High-Level Task Force on Simplification is developing proposals for simplifying the European prudential regulatory, supervisory and reporting framework for the European Commission’s consideration. The goal is not to relax rules, nor undo what has been achieved. Instead, the task force is exploring how to reduce undue complexity in selected aspects of the capital structure, reporting and supervision, while also maintaining the resilience of banks and fostering greater integration and harmonisation in EU frameworks. Conclusion Let me conclude. I have spoken this evening about one Dutch elder – you, Klaas. Hopefully I have done so in a relatively impactful manner. But I would like to finish by citing another Dutch elder. In his Adagia, the humanist Erasmus gathered the wisdom of past centuries for the benefit of those living in the present. Among the proverbs that still resonate today is, “Prevention is better than cure”. [ 23 ] In the Netherlands in particular – often said to have witnessed the world’s first financial bubble, though historians debate its true scale [ 24 ] – that lesson endures: vigilance is wiser than complacency. This principle lies at the heart of sound regulation and supervision. As the financial system evolves, regulators and supervisors must retain visibility of potential risks, since preventing instability is always less costly than repairing the damage afterwards. It also helps to limit the potential trade-offs between monetary policy and financial stability. Policymakers should not wait for another financial crisis to be reminded of how high the stakes are. It is imperative to extend oversight to non-banks involved in bank-like activities, or with significant links to the banking sector – and policymakers must do so sooner rather than later. Thank you. DNB (2025), Klaas Knot: 14 years in 14 figures (and 5 videos), 30 June. ECB (2025), An overview of the ECB’s monetary policy strategy, 30 June. Enria, A. (2022), “ Monitoring and managing interest rate risk along the normalisation path ”, keynote speech at the Deutsche Bundesbank symposium “Bankenaufsicht im Dialog”, 8 November. Hane, G. (1997), “ The Banking Crises of the 1980s and Early 1990s: Summary and Implications ”, History of the Eighties: Lessons for the Future. Vol. 1, An Examination of the Banking Crises of the 1980s and Early 1990s, Federal Deposit Insurance Corporation (FDIC), Washington DC. Workstream on macroprudential policy, monetary policy and financial stability (2021), “ The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro area ”, Occasional Paper Series, No 272, ECB, Frankfurt am Main, September. See, for instance, the discussion in European Parliament (2015), “ The ECB's Quantitative Easing – Early results and possible risks ”, December; see also BIS (2015), 85th Annual Report: 1 April 2014-31 March 2015, June. Private sector debt as a share of euro area GDP fell by 11 percentage points from its 2009 peak to 138% by the end of the following decade. See Eurostat, Private sector debt, consolidated - % of GDP. HICP in the Netherlands was 3.0% in September 2021. In parallel, it also established the Transmission Protection Instrument in July 2022. See ECB (2022), “ The Transmission Protection Instrument ”, press release, 21 July. For the euro area, see ECB (2023), Financial Stability Review, May; for the United States, see Office of Financial Research (2023), “ OFR Finds Elevated Threats to U.S. Financial Stability Due to Inflation, Ongoing Geopolitical Risks, and Global Conflicts ”, press release, 6 December; for a global perspective, see World Bank (2022), “ Risk of Global Recession in 2023 Rises Amid Simultaneous Rate Hikes ”, press release, 15 September. As noted in Enria, A. (2023), “ Well-run banks don’t fail – why governance is an enduring theme in banking crises ”, speech at the 22nd Annual International Conference on Policy Challenges for the Financial Sector organised by the World Bank, International Monetary Fund and Federal Reserve System, 1 June. ECB (2025), “ An overview of the ECB’s monetary policy strategy – 2025 ”, 30 June; and ECB (2021), “ An overview of the monetary policy strategy – 2021 ”, 8 July. Paulson, H.M., Jr. (2010), On the Brink: Inside the Race to Stop the Collapse of the Global Financial System, Business Plus. Acharya, V.V., Cetorelli, N. and Tuckman, B. (2025), “Where Do Banks End and NBFIs Begin?
”, ECB Annual Research Conference 17-18 September. Franceschi, E. et al. (2023), “ Key linkages between banks and the non-bank financial sector ”, Financial Stability Review, ECB, May. Knot, K. (2025), “Christine (2016) | ČSFD.cz
Christine (2016) - film: Recenze, Hodnocení, Zajímavosti, Videa, Galerie, Data uvedení, Diskuze, Filmotéka a další...
Jméno Christine a jeho význam - eMimino.cz
Líbí se vám jméno Christine Zjistěte o něm vše – jeho původ i vznik. Kdy slaví Christine svátek? Podívejte na eMimino.cz a přidejte si ho k oblíbeným.
Christine je americký hororový thriller z roku 1983 režiséra Johna Carpentera. Vychází z knižní předlohy amerického spisovatele Stephena Kinga, stejnojmenného románu Christine (v češtině vyšel pod názvem Christina).
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Vše o tvůrci Christine Taylor: Filmografie, Biografie, Zajímavosti, Videa, Galerie, Diskuze a další...
Videa›Christine
Christine 67% (1983) | Kinobox.cz
Vše o filmu Christine (1983). Videa, fotky, články, uživatelské recenze. Viděli jste film, ohodnoťte ho na Kinoboxu.
Christine (1983) - FDb.cz
Film na motivy románu Stephena Kinga. Jmenuje se Christine - červenobílý Plymouth Fury model 1958 - a do jejího standartního vybavení patří i mrazivá, neukojitelná...
Christine - Christine online film (2016) | bombuj
Christine žije se svou matkou, partnera nemá a je tajně zamilovaná do svého kolegy George. Dozví se, že majitel stanice chce někoho z týmu přeložit do prestižnější stanice v Baltimoru.
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