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Back in 2009, G-20 leaders have called for all standardized over-the-counter (OTC) derivatives to be cleared through central counterparties (CCPs). By now, 18 of the 24 Financial Stability Board (FSB) member jurisdictions have provided for mandatory central clearing frameworks in place, covering at least 90 percent of all standardized OTC derivatives in their jurisdictions. However, the authorities in several countries remain confronted with the hows and wherefores of mandatory central clearing, also in light of the international dimension of OTC derivatives contracts. This paper examines the policy options available to countries that have yet to fully conform to the clearing mandate, centered on the setup of local CCPs or on the use of foreign CCPs, and elaborates on their feasibility, risks and benefits from an economic, legal and tax viewpoint.

Macroeconomics --- Economics: General --- Finance: General --- Taxation --- Exports and Imports --- Industries: Financial Services --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Personal Income and Other Nonbusiness Taxes and Subsidies --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Tax Law --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Public finance & taxation --- International economics --- Taxation & duties law --- Central counterparty clearing house --- Financial markets --- Withholding tax --- Taxes --- Interest payments --- External debt --- Collateral --- Financial institutions --- Tax law --- Tax policy --- Currency crises --- Informal sector --- Economics --- Clearinghouses --- Banking --- Income tax --- Debt service --- Loans --- Law and legislation --- Australia

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This paper proposes an integrated crisis management and resolution framework for the EU's single banking market. It comprises a European Resolution Authority (ERA), armed with the mandate and the tools to deal cost-effectively with failing systemic cross-border banks, and is designed to address many fundamental operational and incentive problems. It also seeks to reduce moral hazard and better protect countries against the risk of twin fiscal-financial crises by detaching banks from government budgets. The ERA would be most effective if it were twinned or combined with a European Deposit Insurance and Resolution Fund.

Crisis management --- Banks and Banking --- Budget planning and preparation --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Currency crises --- Debt Management --- Debt --- Debts, Public --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Finance --- Financial crises --- Financial services --- Fiscal Policy --- Fiscal policy --- Fiscal stance --- Foreign Exchange --- Informal Economy --- Informal sector --- Interest rates --- Interest Rates: Determination, Term Structure, and Effects --- Macroeconomics --- National Budget --- Public debt --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Real interest rates --- Sovereign Debt --- Underground Econom --- United States

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Debt opacity burdens the public and can exacerbate debt vulnerabilities in many countries. Both low-income and developing countries and emerging market economies have critical gaps in debt transparency, and the implementation of international standards and guidelines has lagged. The paper surveys the legal frameworks of sixty jurisdictions and reveals the critical weaknesses that hinder debt transparency, which include weak reporting obligations, limited coverage of public debt, inadequate monitoring, unclear borrowing and delegation processes, unfettered confidentiality arrangements and weak accountability mechanisms. Because laws entrench practices and bind the discretion of policy makers and debt managers alike, subjecting them to public scrutiny, legal reform is a necessary part of any solution to the problem of hidden debt, though it may entail a difficult and time intensive process in many jurisdictions.

Asset and liability management --- Currency crises --- Debt Management --- Debt management --- Debt --- Debts, Public --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Finance --- Finance, Public --- Financial institutions --- Financial instruments --- Financial Risk Management --- Forecasts of Budgets, Deficits, and Debt --- Foreign Aid --- General Financial Markets: General (includes Measurement and Data) --- Government debt management --- Informal sector --- International Lending and Debt Problems --- Investment & securities --- Investments: General --- Law and Economics: General (including Data Sources and Description) --- Macroeconomics --- National Government Expenditures and Related Policies: General --- Public debt --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Securities --- Sovereign Debt --- Structure, Scope, and Performance of Government