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  • U.S. Departments Of Treasury And Justice Launch Multilateral Russian Oligarch Task Force - Australia, Canada, The European Commission, Germany, Italy, France, Japan, The UK, And US, Agree To Increased Cooperation To Target Russian Assets

    Date 16/03/2022

    Secretary of the Treasury Janet L. Yellen and Attorney General Merrick B. Garland today met virtually with representatives from Australia, Canada, Germany, France, Italy, Japan, the United Kingdom, and the European Commission, to launch the Russian Elites, Proxies, and Oligarchs (REPO) multilateral task force. The task force was first announced by leaders on February 26.

  • Federal Reserve Issues FOMC Statement

    Date 16/03/2022

    Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.

  • EBA Calls On Financial Institutions To Ensure Compliance With Sanctions Against Russia Following The Invasion Of Ukraine And To Facilitate Access To Basic Payment Accounts For Refugees

    Date 16/03/2022

    The European Banking Authority (EBA) strongly condemns the recent developments that are taking a heavy toll on the Ukrainian state, society, and economy. Following the invasion of Ukraine, the Council of the EU has adopted restrictive measures against Russia and Belarus which require actions from the financial sector. The EBA is working with relevant authorities to ensure proper implementation by all financial institutions of these restrictive measures. As part of this, the EBA will collect and filter queries related to the scope of the restrictive measures as they apply to banks, and channel them to the EU Commission who will answer them. The EBA will continue to closely monitor and assess the situation to inform decisions and actions needed to mitigate short- and medium-term risks and stands ready to act under its competences.

  • ISDA And AFME Respond To ESMA Call For Evidence On ESG Ratings

    Date 16/03/2022

    On March 11, 2022, ISDA and the Association for Financial Markets in Europe submitted a joint response on the European Securities and Markets Authority’s (ESMA) call for evidence on environmental, social and governance (ESG) ratings. The associations highlight the importance of avoiding a fragmented approach to regulatory requirements on ESG ratings, noting a report by the International Organization of Securities Commissions on ESG ratings and data product providers should serve as a common baseline on the international level. In the response, the associations highlight that shortcomings on transparency of methodologies and data sources remains a key concern for users of ESG ratings, while regulatory requirements on ESG ratings should not cover ESG products, such as ESG index products.

  • BIS Papers No 122: The Monetary-Fiscal Policy Nexus In The Wake Of The Pandemic

    Date 16/03/2022

    The Covid-19 pandemic casts the interaction between fiscal and monetary policy in a new light. The sudden and sizeable pandemic-induced recession has made greater demands on both fiscal and monetary policy, triggering the need for closer domestic policy co-ordination, and has led to a greater use of central bank balance sheets. The near-term macroeconomic challenges will likely persist, with growth expected to remain subdued even if the inflation outlook is more diverse across jurisdictions.