Page 462 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

imbalances in supply and demand, and weakens the purchasing power of households.
The risk of persistent inflation and stagflation has risen.

These factors, coupled with the deteriorated economic outlook, have

significantly impacted the risk environment of the financial sector. Financial market

volatility has increased across the board given high uncertainties. After a long period

of low interest rates, central banks are tightening monetary policy. The combination

of higher financing costs and lower economic output may put pressure on government,

corporate and household debt refinancing while also negatively impacting the credit

quality of financial institutions’ loan portfolios. The reduction of real returns through

higher inflation could lead investors to higher risk-taking at a time when rate rises are

setting in motion a far-reaching rebalancing of portfolios.

Financial institutions also face increased operational challenges associated with
heightened cyber risks and the implementation of sanctions against Russia. The

financial system has to date been resilient despite the increasing political and
economic uncertainty.

In light of the above risks and vulnerabilities, the Joint Committee of the ESAs

advises national competent authorities, financial institutions and market participants

to take the following policy actions:

1. Financial institutions and supervisors should continue to be prepared for a

deterioration in asset quality in the financial sector and monitor developments

including in assets that benefitted from temporary measures related to the pandemic

and those that are particularly vulnerable to a deteriorating economic environment, to

inflation as well as to high energy and commodity prices.

2. The impact of further increases in policy rates and of potential sudden

increases in risk premia on financial institutions and market participants at large

should be closely monitored.

3. Financial institutions and supervisors should closely monitor the impact of

inflation risks.

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