Slow economic growth and continuing low interest rate environment is putting pressure on the insurance sector. Delays in the implementation of Solvency II could create vulnerabilities in the insurance sector. The approval of internal models is important for determining adequacy of capital levels...

The 2007 Article IV Consultation with the Kingdom of the Netherlands explains fiscal policy and financial sector issues. Improvements in the macroeconomic and business environments and technological innovation have contributed positively to Dutch competitiveness. Executive Directors emphasized...

This paper presents a technical note on Mexico’s Financial Sector Assessment Program update. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of their newly established second pillars. The...

The key findings of the Czech Republic’s 2010 Article IV Consultation are discussed. Large foreign direct investment inflows fostered trade integration, underpinning an export-led expansion. Higher initial standard of living contained consumption convergence pressures. An improved fiscal...

This 2006 Article IV Consultation highlights that Italy’s economy is enjoying a broad-based, if comparatively modest, cyclical upswing. Output is estimated to have grown by 1¾ percent in 2006—the strongest pace since the beginning of the decade. Inflation is close to that of the...

This paper discusses the Financial System Stability Assessment for South Africa, and reviews the Report on the Observance of Standards and Codes on Securities Regulation. The assessment reveals that South Africa’s sophisticated financial system is fundamentally sound and has so far...

An externally driven economic recovery has continued gathering strength in 2010 in Luxembourg. Executive Directors welcomed this development and the authorities’ supportive fiscal policy in 2010 as well as their role in stabilizing the financial sector. According to the Financial Sector...

The economic development of Hungary after the economic crisis is discussed. Hungary’s economic program supported by Stand-By Arrangement has been successful in strengthening the economy and stabilizing market conditions. Given Hungary’s high public debt and large financing needs,...