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Overview of recent policy initiatives in response to the crisis

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  • Praet, Peter
  • Nguyen, Grégory
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    Abstract

    This paper describes several (European) regulatory initiatives undertaken following the financial crisis. There have been global responses, such as the FSF and BCBS 2008 Reports; numerous national initiatives, including a new Belgian network; and the European 2008 MOU, with nine common principles. The first concerns objectives; the rest cover three main topics, including: (1) crisis management framework; (2) co-ordination between authorities during crises; (3) choice of resolution policy. The MOU advocates the establishment of cross-border stability groups (CBSG). Finally we discuss the distinction between potential agreements on: (1) burden-sharing principles and (2) burden-sharing rules. Without the possibility of an effective enforcement policy, the former is preferable.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Financial Stability.

    Volume (Year): 4 (2008)
    Issue (Month): 4 (December)
    Pages: 368-375

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    Handle: RePEc:eee:finsta:v:4:y:2008:i:4:p:368-375

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    Web page: http://www.elsevier.com/locate/jfstabil

    Related research

    Keywords: Crisis management framework Cross-border banking problems European regulatory initiatives Burden-sharing;

    References

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    1. Ingo Fender & Janet Mitchell, 2005. "Structured finance : complexity, risk and the use of ratings," Financial Stability Review, National Bank of Belgium, vol. 3(1), pages 127-135, June.
    2. Alan Greenspan, 2005. "Risk transfer and financial stability," Proceedings 968, Federal Reserve Bank of Chicago.
    3. Charles Goodhart & Dirk Schoenmaker, 2009. "Fiscal Burden Sharing in Cross-Border Banking Crises," International Journal of Central Banking, International Journal of Central Banking, vol. 5(1), pages 141-165, March.
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    Cited by:
    1. Ding, Cherng G. & Wu, Chiu-Hui & Chang, Pao-Long, 2013. "The influence of government intervention on the trajectory of bank performance during the global financial crisis: A comparative study among Asian economies," Journal of Financial Stability, Elsevier, vol. 9(4), pages 556-564.
    2. Dietrich, Diemo & Hauck, Achim, 2010. "Government interventions in banking crises: Assessing alternative schemes in a banking model of debt overhang," MPRA Paper 24508, University Library of Munich, Germany.
    3. Michael R King, 2009. "Time to buy or just buying time? The market reaction to bank rescue packages," BIS Working Papers 288, Bank for International Settlements.

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