Decision By Whom By When Status Governors approved the Action Plan Member June 2015 The status of implementation by contained in the Sub-Committee Report for countries member countries is contained enhancing the implementation of the activities in Table 2 below. related with the assessment of financial stability Governors approved the following Work Plan CMI June 2015 of the Financial System Development and Stability Sub-Committee for 2014 Preparation of a Guideline for The finalisation of the Appropriate Institutional Governance Guideline for Institutional Framework for Implementation of Framework for Implementing Macro-prudential Policies in the Macroprudential is work in COMESA Region progress. Training on Financial stability, Systemic Risk Assessment and Macro-prudential policy All trainings were Modelling and Forecasting Volatility in undertaken; Financial Markets in Multivariate Framework; CMI through the COMESA Statistics Unit CMI and Work in progress should spearhead the consolidation of COMESA regional macroprudential statistics that are secretariat accessible to member countries The consultant who prepared the Manual for The consultant did not finalise SHIELDS rating to Submit the final version of the Manual and all the Manual on 28th February 2015 recommended activities related with SHIELDS rating were not carried out. Discussions In the discussions that followed, the meeting agreed that data requirement for the SHIELDS rating cannot be fulfilled by COMESA member countries. The meeting underscored the importance of harmonization of methodologies for assessment of financial system stability in all member countries. The meeting therefore agreed that this can be achieved by adopting simpler tools such as Financial Stability Index and the Cobweb Diagram which are recommended by Basel III. Recommendation
Decision By Whom By When Status Governors approved the Action Plan contained in the Sub-Committee Report for enhancing the implementation of the activities related with the assessment of financial stability Member countries June 2015 The status of implementation by member countries is contained in Table 2 below. Governors approved the following Work Plan of the Financial System Development and Stability Sub-Committee for 2014 Preparation of a Guideline for Appropriate Institutional Governance Framework for Implementation of Macro-prudential Policies in the COMESA Region Training on Financial stability, Systemic Risk Assessment and Macro-prudential policy Modelling and Forecasting Volatility in Financial Markets in Multivariate Framework; CMI June 2015 The finalisation of the Guideline for Institutional Framework for Implementing Macroprudential is work in progress. All trainings were undertaken; CMI through the COMESA Statistics Unit should spearhead the consolidation of regional macroprudential statistics that are accessible to member countries CMI and COMESA secretariat Work in progress The consultant who prepared the Manual for SHIELDS rating to Submit the final version of the Manual on 28th February 2015 The consultant did not finalise the Manual and all recommended activities related with SHIELDS rating were not carried out. Discussions In the discussions that followed, the meeting agreed that data requirement for the SHIELDS rating cannot be fulfilled by COMESA member countries. The meeting underscored the importance of harmonization of methodologies for assessment of financial system stability in all member countries. The meeting therefore agreed that this can be achieved by adopting simpler tools such as Financial Stability Index and the Cobweb Diagram which are recommended by Basel III. Recommendation