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As the global economy undergoes profound changes, it is becoming apparent that the so-called "Revived Bretton Woods System" has increased the overall vulnerability of the global financial architecture. Therefore, it is worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today's framework of Keynes' original 1942 plan for an International Clearing Union. This note explores the main characteristics of Keynes' original plan, by revisiting his original writings between 1940 and 1944, and outlining its relevance to the current debate on the international financial architecture. The note suggests that reforms of the international financial architecture should include anchoring the international monetary system on sounder institutional ground.

Access to Finance --- Balance of payments --- Banks and Banking Reform --- Central banks --- Currencies and Exchange Rates --- Current account --- Debt Markets --- Economic crisis --- Emerging Markets --- Exchange rate --- Exchange rate fluctuation --- Finance and Financial Sector Development --- Financial architecture --- Fixed exchange rates --- Global economy --- Global imbalances --- Globalization --- Gold --- Imbalance --- Imbalances --- International currency --- International financial architecture --- International monetary system --- International trade --- Private Sector Development --- Reserve currency --- Surplus

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This assessment focused on the supervision and regulation of the insurance sector and the role of the Financial Services Commission (FSC) in Mauritius. The FSC has responsibility for licensing and supervision of all players in the insurance market-insurance companies, distributors; loss adjusters; reinsurance companies; reinsurance brokers, and actuaries and auditors. This report relates to a dedicated assessment mission conducted in July 2011. The FSC maintains a fairly detailed website that contains copies of relevant laws and regulations applicable to insurance companies in Mauritius. Also available on the website are copies of guidelines of general application that have been issued to the insurance companies, statistics of the industry's performance, and copies of the annual reports issued by FSC. In addition to its discussions with FSC personnel, mission members met with representatives of the trade association and with executives of a representative sample of companies, both life and general insurance, operating in the market. Other contacts included brokers and auditors. The insurance sector in Mauritius is material although not fully developed in terms of size. Insurance premium stands at MUR 17.5 billion represented at 68 percent life and 32 percent non-life insurances. Life insurance growth has been more impressive than non-life insurance performance. Although both segments have shown healthy nominal growth rates, real growth has been less spectacular for the non-life sector. Interpreting non-life sector premium performance can be confused by global pricing cycles.

Accounting --- Capital Requirements --- Confidentiality --- Consumer Protection --- Consumers --- Corporate Governance --- Credibility --- Deposit Insurance --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Regulation & Supervision --- Financial Sector --- Financial Services --- Financial Stability --- Fraud --- Governance --- Health Insurance --- Insurance & Risk Mitigation --- Insurance Industry --- Insurance Law --- International Financial Architecture --- Law and Development --- Legal Framework --- Money Laundering --- Mortgages --- Non Bank Financial Institutions --- Reciprocity --- Regulation and Competition Policy --- Risk Assessment --- Risk Management --- Savings --- Standards and Financial Reporting --- Terrorism --- Trade and Integration --- Transparency --- Treaties --- Underwriting

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Nearly two years after the onset of the financial crises, many central banks have brought their policy interest rates down to, or close to zero. Various governments have seen their budget deficits soar. Both policies have affected exchange rates, partly through market expectations. With a majority of exchange rates officially floating, exchange rate movements do not necessarily reflect official decisions as was the case in the 1930s. Yet, also in the 2008 crisis, authorities have directly intervened in the foreign exchange market, sometimes in order to defend a falling currency but in other instances with the aim to limit appreciation pressure, akin of competitive devaluations. This paper documents the exchange rate interventions during the height of the 2008/09 financial crisis and identifies the countries which have particular high incentives to intervene in the foreign exchange market to competitively devalue their currency. While various countries had increased incentives to devalue, we find that direct exchange rate interventions have been rather limited and contagion of devaluation has been restricted to one regionally contained case. However, sharp market-driven exchange rate movements have reshaped competitive positions. It appears that these movements have so far not seriously disrupted global trade. After all, a world crisis is likely to require widespread exchange rate adjustments as different countries are affected in different ways and have different capacities to weather the shocks.

Budget deficits --- Central bank --- Central bank policy --- Central banks --- Competitive devaluations --- Currencies and Exchange Rates --- Currency --- Debt Markets --- Devaluation --- Economic Stabilization --- Economic Theory and Research --- Emerging Markets --- Exchange rate --- Exchange rate intervention --- Exchange rate interventions --- Exchange rate movements --- Exchange rates --- Finance and Financial Sector Development --- Financial architecture --- Financial crises --- Foreign exchange --- Foreign exchange market --- Interest rates --- International trade --- Macroeconomics and Economic Growth --- Poverty reduction --- Private Sector Development

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The law and related implementing regulations that constitute the regulatory framework affecting the capital markets in Indonesia are largely consistent with the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation. Nevertheless this assessment finds that legislative reforms and other actions that are in the process of being implemented to clarify and expand the security regulator's authority and to cure certain self-acknowledged gaps should be accelerated. Further, the assessment concludes that attention must be paid to assure that implementation of the regulatory framework results in a system that reliably detects, deters, and sanctions securities violations and reliably identifies and prevents or mitigates prudential concerns. This may require legal reforms beyond those necessary to reform the specific capital markets law, as discussed more extensively by the separate legal assessor. How significant such further reform will be to enforcement effectiveness will depend in part on the manner in which regulatory enforcement powers and authorities are augmented and enhanced under the capital markets law revision. Capital markets operations are heavily dependent on legal certainty, and in particular reliable application of contract, company, insolvency, and other legal protections.

Accounting --- Bank Supervision --- Bankruptcy --- Capital Markets --- Capital Requirements --- Commercial Banks --- Conflict of Interest --- Credibility --- Debt --- Deposit Insurance --- Due Diligence --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Regulation & Supervision --- Financial Sector --- Financial Stability --- Foreign Ownership --- Fraud --- Globalization --- Governance --- Insurance --- International Cooperation --- International Financial Architecture --- Legal Framework --- Legal Institutions For A Market Economy --- Legal System --- Monetary Policy --- Mutual Funds --- Public Investment --- Regulation and Competition Policy --- Rule of Law --- Securities --- Securities Markets Policy & Regulation --- Settlement Systems --- Small Businesses --- Standards and Financial Reporting --- Stock Exchanges --- Technical Assistance --- Trade and Integration --- Transparency

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This assessment forms part of the joint International Monetary Fund (IMF) and World Bank Indonesia Financial Sector Assessment Program (FSAP) which is being undertaken during 2009-2010. The assessment which covers the Bank Indonesia's real time gross settlement (BI-RTGS) system's observance of the Committee on Payment and Settlement Systems (CPSS) Core Principles for Systemically Important Payment Systems (SIPS) and the Central Bank's Responsibilities in applying the Core Principles was conducted during the first mission. The assessment which was conducted with the cooperation of the Bank Indonesia and other key players in the payment systems area was undertaken by Alice Zanza, Senior Payment Systems Specialist, World Bank with the assistance of Bruce Summers, Senior Payment Systems Advisor, World Bank. Although there are several systems in operation in Indonesia, BI considers the Bank Indonesia Real Time Gross Settlement (BI-RTGS) system to be the only systemically important payment system in the country. BI-RTGS is owned by BI and operated by the Payment Systems Department in the Directorate of Accounting and Payment Systems. To date, the assessment team does not have any information to expand the scope of systemically important payment systems in Indonesia and has conducted the assessment of the RTGS system, as the sole SIPS in the country.

Accounting --- Bank Supervision --- Bankruptcy --- Capital Markets --- Central Banks --- Collateral --- Commercial Banks --- Communities --- Consumer Protection --- Creditworthiness --- Disclosure --- E-Finance and E-Security --- Federal Reserve --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Institutions --- Financial Regulation & Supervision --- Good Governance --- Governance --- Hardware --- Insolvency --- International Financial Architecture --- Legal Framework --- Legal Institutions For A Market Economy --- Legislation --- Migration --- Monetary Policy --- Public Policy --- Regulation and Competition Policy --- Risk Management --- Rule of Law --- Settlement Systems --- Standards and Financial Reporting --- Systemic Risk --- Technical Assistance --- Telecommunications --- Trade and Integration --- Transparency