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COVID-19 outbreak: economic and financial perspectives
The economic and financial perspectives that were taken at the beginning of the COVID-19 outbreak were completely different from what is being observed today. The measures that were implemented between March and April assumed that the economic shock would be temporary and a recovery in the form of a "V" could be expected. However, the speed and degree of simultaneity at which the crisis has evolved is unprecedented.
Due to the imminent deterioration of economic conditions, prudential regulation, as well as the regulatory agenda of different jurisdictions and international organizations, has undergone important adjustments, such as flexibilities, extensions and, in its minor cases, updates. The role of financial authorities is crucial in dealing with what is likely to be the worst contraction in economic activity since records are in place.
In this context, the edition 61 of the Journal of Banking Supervisor Journal proposes some relevant texts on adjustments and flexibilities in banking regulation, in addition to including a new section that includes relevant recommended readings on the actions taken by different organizations and institutions to mitigate the economic effects that the Covid-19 has brought. Finally, on this occasion, a series of guides on Fintech made by ASBA are included. The guidelines presented here should provide an adequate analytical framework for systematically evaluating the most significant topics in the regulation and supervision of Fintech, based on principles of risk sensitivity, proportionality, financial stability, transparency and adequate consumer protection.
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