Financial stability (insurers and pension funds) [17]

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Bullet points include: Limited regulatory focus to date on systemic risk. C.f. EU IORP II Directive largely avoids specific ‘solvency’ requirements. Significant differences between jurisdictions. Even within EU. Social nature of pensions. Is the ‘pension’ system even part of the financial system? Pillar 1 / Pillar 2 / Pillar 3 and DB / DC. Relative size of financial intermediaries (2014). (Percent of GDP). Source: Nematrian and Kemp (2017).  Systemic risk: A Practitioner’s Guide to Measurement, Management and Analysis and IMF (2016) Global Financial Stability Report, April 2016, Chapter 3: The Insurance Sector - Trends and Systemic Risk Implications (adapted)

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