West African Economic and Monetary Union:Financial Sector Assessment Program-Technical Note on Systemic Risks and Macroprudential Policy Framework

Author: International Monetary Fund. Monetary and Capital Markets Department

Financial Sector Assessment Program-Technical Note on Systemic Risks and Macroprudential Policy Framework

Volume/Issue: Volume 2022 Issue 309

Publication date: September 2022

ISBN: 9798400220937

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , Basel-type liquidity ratios , contagion risk , bank portfolio , WAEMU bank holding , risk profile , IMF-World Bank Financial Sector Assessment Program , bank assets , verifiable liquidity indicator , Macroprudential policy , Financial sector stability , Systemic risk , Commercial banks , Financial sector risk , West Africa , Global , Sub-Saharan Africa , Europe , North Africa

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Summary

Since the 2008 Financial Sector Assessment Program (FSAP), the financial sector of the West African Economic and Monetary Union (WAEMU) has undergone major changes that have altered its risk profile. Three structural changes have played a key role since the 2008 FSAP: (i) the financial sector has grown significantly; (ii) regional banking groups have become dominant; and (iii) the high concentration of bank portfolios in sovereign exposures, which accounted for an average of 31 percent of banking assets at end-2020, are almost triple the level observed in 2004. These changes have altered the structure of systemic risks and vulnerabilities and raised the need for implementing reforms to strengthen the effectiveness of the macroprudential policy and banking supervision frameworks.