In the face of high market interest rates, the global financial markets turned optimistic in 2023. In the United States (US), capital markets shrugged off the collapse of Silicon Valley Bank and Credit Suisse.

The decision early this year to shift the release of the FSR from an annual to a semestral series was motivated by the changing market conditions and the desire to keep market stakeholders better informed in a more timely manner. With the effects of COVID-19 now evident in the official data, this release of the 2nd Semester 2020 FSR validates such decision.

The Macroprudential Policy Strategy Framework reflects the thinking of financial authorities, the institutional arrangements, as well as the tools that will be used to sustain and enhance the health of the financial system. This health is specifically defined in terms of the system’s resilience against systemic risks.