Page 89 - 《期货和衍生品行业监管动态》（2022年合集）
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期货和衍生品行业监管动态
outlook for growth and inflation and brought heightened market volatility. Market
resilience will critically depend on the ability of markets and financial institutions to
deal with the economic consequences of the Russian invasion of Ukraine, and to
withstand changes in public policy support on the monetary or fiscal side without
material disruptions.
Some of the risks emerging during 2021 and highlighted in the report were
amplified by Russia’s invasion of Ukraine. The EU economy was on track for a
strong recovery from the crisis caused by the Covid-19 pandemic and the financial
sector largely proved resilient. However, the recovery appears to have been hindered
by new waves and variants of the virus, concerns regarding inflation risk, rising
commodity prices and heightened geopolitical risks.
Additional vulnerabilities and risks for the financial system have built up over
time. Financial markets remain vulnerable to changes in market sentiment,
particularly if financial conditions tighten unexpectedly due to inflation pressures. In
the real estate sector, persistent price increases and higher borrowing by households
have increased risks. At the same time, the financial sector is increasingly exposed to
environmental risks and risks stemming from digitalisation.
In light of the risks and uncertainties, the ESAs advise national competent
authorities, financial institutions and market participants to take the following policy
actions:
1. Financial institutions should be prepared for further potential negative
implications stemming from geopolitical tensions and ensure compliance with
the sanctions regimes put in place both at the EU and at global levels;
2. Financial institutions and supervisors should prepare for a possible
deterioration of asset quality in the financial sector;
3. The impact of further increases in yields and sudden reversals in risk premia
on financial institutions and investors should be closely monitored;
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