Working Paper Research - Nationale Bank van BelgiÃ«

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Annex: Chronology of main events (1944-2008)1944 July Bretton Woods conference1959 30 July Radcliffe Committee Report.1969 1-2 December The Hague Summit: EMU becomes an objective of the EEC.1971 18 April Establishment of the Standing Committee on the Euro-CurrencyMarket15 August Nixon suspends gold convertibility of US dollar.1973 March New currency crisis: definitive end of the Bretton Woods regime.October OPEC raises oil prices by 70%.1974 June Bankhaus Herstatt collapses.OctoberDecemberFranklin National Bank collapses.Establishment of the Basel Committee on Banking Supervision(BCBS).1975 December "Basel Concordat" calls on host- and home-country authorities toshare supervisory responsibility for banks' foreign activities.1979 13 March Establishment of the European Monetary System.JuneSecond oil shock.October Tightening of US monetary policy.1980 April Euro-Currency Standing Committee also entrusted with themonitoring of international banking developments.1981 October First meeting of the Group of Payment System Experts.1982 March Hungarian debt crisis.12 August Mexican troubles: start of Latin American debt crisis.1983 April Creation of the International Organisation of SecuritiesCommissions (IOSCO).MayReport "Principles for the Supervision of Banks' ForeignEstablishment".1984 May Continental Illinois Bank collapses.1985 14 June European Commission White Paper on Completing the InternalMarket.1986 April Report on "Recent Innovations in International Banking" (CrossReport).JuneMexican foreign debt default averted.1987 19 October Black Monday: stocks drop by 22.6% on Wall Street.1988 27-28 June Hanover Summit: creation of the Delors Committee.July"Basel Capital Accord".1989 February "Report on Netting Schemes".1990 April Report on "Principles for the Supervision of Banks' ForeignEstablishments".1 July Beginning of stage one of EMU (abolishment of capital controls).12 November Establishment of permanent Committee on Payment andSettlement Systems (CPSS).NovemberReport of the Committee on Interbank Netting Schemes(Lamfalussy Report).1991 5 July Bank of Credit and Commerce International closed afterallegations of fraud.9-10 December European Council agrees on Maastricht Treaty.1992 September Report "Delivery versus Payment in Securities SettlementSystems".1993 September Report "Central Bank Payment and Settlement Services withRespect to Cross-Border and Multi-Currency Transactions".1994 1 January Start of stage two of EMU (establishment of the EuropeanMonetary Institute).JulySeptemberNovemberPublication by the BCBS of guidelines for the supervision and riskmanagement of derivatives.Report: "A Discussion Paper on the Public Disclosure of Marketand Credit Risk by Financial Intermediaries" (Fisher Report).Report on "Macroeconomic and Monetary Policy Issues Raised bythe Growth of Derivative Markets" (Hannoun Report).30
December Collapse of the Mexican peso - the country faces default.1995 February Report on "Issues related to the Measurement of Market Size andMacro-prudential Risks in Derivative Markets".26 February Barings crashes after huge losses in derivatives trading.MarchReport on "Cross-Border Securities Settlements".MayBCBS issues "A Framework for Supervisory Information aboutDerivatives Activities of Banks and Securities Firms".1996 March Report on "Settlement Risk in Foreign Exchange Transactions".October Report on "Supervision of Cross-Border Banking".23 October The International Association of Insurance Supervision (IAIS)decides to locate its secretariat at the BIS.1997 March Reports on "Real-Time Gross Settlement (RTGS) Systems" and"Clearing Arrangements for Exchange-traded Derivatives".AprilBCBS releases its "Core Principles for Effective BankingSupervision".2 July Devaluation of the Thai baht: start of the Asian crisis.1998 July "Reducing Foreign Exchange Settlement Risk: A ProgressReport".AugustSeptember1999 1 January Introduction of the Euro.FebruaryRussia defaults on its GKO debt (government short-term bonds).Long-Term Capital Management (LTCM) hedge fund nearlycollapses.Report "OTC Derivatives: Settlement Procedures andCounterparty Risk Management".Creation of Financial Stability Forum (FSF).The G10 Euro-Currency Standing Committee, is renamed"Committee on the Global Financial System" (CGFS).AprilThe CGFS issues recommendations for the design of liquidmarkets.MayEuropean Commission publishes Financial Services Action Plan.JuneThe BCBS releases a first consultative paper for the reform of theBasel Capital Accord.2001 15 January Report "Core Principles for Systemically Important PaymentFebruaryAprilSystems".Final Report on the Regulation of European Securities Markets bythe Committee of Wise Men (chaired by Lamfalussy).CGFS publishes "A Survey of Stress Tests and Current Practice atMajor Financial Institutions".2001 November CPSS and IOSCO publish "Recommendations for SecuritiesSettlement Systems".2003 January Report on "Credit Risk Transfer".2004 26 June Agreement on "Basel II" framework.November CPSS and IOSCO publish "Recommendations for CentralCounterparties".2007 June Problems with two Bear Stearns hedge funds: start of sub-primecrisis.September Northern Rock in trouble.2008 March Takeover of Bear Stearns by JPMorgan Chase.SeptemberLehman Brothers collapses: start of a new phase of the financialcrisis.Source: Toniolo, 2005, Annex D and NBB.31
Page 3 and 4: AbstractAmong the international pol
Page 5: 1 INTRODUCTIONWhile the crisis has
Page 8 and 9: of distress" (Knight, 2006, p. 2).
Page 10 and 11: Belgium. Lamfalussy's objective the
Page 12 and 13: they get. Lamfalussy claimed that t
Page 14 and 15: work on the national accounts and h
Page 16 and 17: comprise a breakdown into the four
Page 18 and 19: The discussions continued during th
Page 20 and 21: eports, the G10 Governors decided,
Page 22 and 23: In his analysis of the financial in
Page 24 and 25: prudential side of central banking
Page 26 and 27: that the micro- and macro-prudentia
Page 28 and 29: In the mid 1970s, the BIS was going
Page 30 and 31: 7 REFERENCESArchives: Bank for Inte
Page 32 and 33: Lamfalussy, A., 1968a, Les marchés
Page 36 and 37: NATIONAL BANK OF BELGIUM - WORKING
Page 38 and 39: 62. "Voting on Pensions: A Survey",
Page 40 and 41: 120. "Monitoring pro-cyclicality un

Working Paper Research - Nationale Bank van BelgiÃ«

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