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The asset purchase programme of the euro area, active between 2015 and 2018, constitutes an interesting special case of Quantitative Easing (QE) because the ECB's Public Sector Purchase Programme (PSPP) involved the purchase of peripheral euro area government bonds, which were clearly not riskless. Moreover, these purchases were undertaken by national central banks at their own risk. Intuition suggests, and a simple model confirms, that, ceteris paribus, large purchases by a national central bank of the bonds of their own sovereign should increase the risk for the remaining private bond holders. This might seem incompatible with the observationthat risk spreads on peripheral bonds fell when QE in the euro area was announced. However, the initial fall in risk premiums may have been due to expectations of the bond purchases proving effective in lowering risk-free rates. When these expectations were disappointed, risk premiums returned to their initial level. Formal statistical tests confirm that indeed risk premiums on peripheral bonds did not follow a random walk (contrary to what is assumed inevent studies). Nor did the announcements of bond buying change the stochastics of these premiums. There is thus no reason to consider the impact effect to have been permanent.

Quantitative easing (Monetary policy)

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The Financial Sector Assessment Program (FSAP) conducted a focused review that primarily assessed the regulatory and supervisory frameworks through the lens of housing market-related risks. 1 This thematic focus was chosen given sizeable mortgage exposures and persistent housing market imbalances. The review evaluated oversight of deposit-taking institutions (DTIs) in federal jurisdiction, as well as British Columbia and Quebec-the two provinces that host large credit unions. The review also followed up on the main recommendations of the 2014 Basel Core Principles for Effective Banking Supervision (BCP) assessment (see Annex 1).

Monetary policy --- Quantitative easing (Monetary policy) --- History.

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Over the past six months, work has concentrated on making surveillance more effective, reforming quotas and voice, and reviewing the finances of the institution to place them on a sustainable footing. Progress has also been made with other key elements of the medium-term strategy, including capacity building, crisis prevention, and support for emerging markets and low-income countries. In January, the Fund welcomed its 185th member, the Republic of Montenegro.

Monetary policy --- Quantitative easing (Monetary policy) --- History

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Financial market infrastructures (FMIs) have operated normally under a well-established legal and oversight framework that is distinct for Canada. A major modernization program is ongoing. The systemically important payment system (SIPS), which has been operational for around 20 years, will be replaced with a real-time gross settlement (RTGS) system. A fast retail payment system is also being implemented. The governance structure respects the regulatory, supervisory and oversight powers at both the federal and provincial levels. The Payment Clearing and Settlement Act (PCSA) assigns the Bank of Canada (BOC) the authority to oversee the designated FMIs, with responsibility being shared by three provincial securities regulators based on their respective securities legislation. The Department of Finance (DOF) is also involved in the oversight of payment systems.

Monetary policy --- Quantitative easing (Monetary policy) --- History.

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In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund, and with a view to supporting the Fund's ability to provide timely and effective balance of payments assistance to its members, Deutsche Bundesbank agrees to lend to the Fund an SDR-denominated amount up to the equivalent of EUR 15 billion.

Monetary policy --- Quantitative easing (Monetary policy) --- History