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International co-operation

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Financial stability has recently gained gradual relevance in international cooperation. The importance of international cooperation is growing in parallel with global financial integration, gradually expanding and deepening European financial integration, the modification of the capital requirements directive (CRD) in accordance with the Basel recommendations and other regulatory, supervisory trends.

The deputy governor and experts responsible for the area of financial stability represent the MNB in the various official committees and working groups of the European System of Central Banks (particularly in the Banking Supervision Committee (BSC)).

The BSC focuses on macro-prudential areas; its tasks include the following:

  • monitoring and analysis of the banking sector in the European Union and the euro zone
  • analysis of the effects of regulatory and supervisory requirements on the stability and structure of the financial intermediary system and the development of financing conditions
  • promotion of cooperation between central banks and supervisory authorities

In addition to the various committees of the BSC and the ECB, numerous working groups are set up (Working Group on Macro-Prudential Analysis, Working Group on Banking Developments, Joint Task Force on Crisis Management, Banking Data Task Force, Stress Testing Task Force, Task Force on Enlargement of the International Relations Committee), where the MNB experts take part in the work

The MNB is also represented in the CEBS (Committee of European Banking Supervisors) which generally deals with micro-prudential issues.

The tasks of the CEBS include the following:

  • Advisory tasks performed on behalf of the European Commission, in connection with banking sector related measures.
  • Support of the consistent introduction and applicability of European Union Directives and the convergence process relating to the regulatory practices of EU member states.
  • Cooperation between supervisory authorities, information exchange relating to supervised institutions.

The Hungarian central bank is also present in the committees of international organisations (OECD, IMF) dealing with financial stability. The experts of the MNB are frequently included in international surveys, often with foreign central banks and international institutions. The MNB takes part in international forums and conferences on financial stability.