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Pour une politique prudentielle européenne

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  • Thierry Sessin
  • Laurence Scialom
  • Michel Aglietta

Abstract

[eng] For a prudential regulation policy . Financial markets are integrating fast with the advent of the euro. To cope with accrued competition, financial intermediaries have developed mergers. Credit and market risk are so correlated it poses problem to prudential regulation. This article proposes some ways of reforms. . Classification JEL : G28 [fre] Les marchés financiers s’intègrent de plus en plus vite après l’euro. Les intermédiaires s’adaptent à cet espace financier par des fusions et acquisitions pour résister à une concurrence exacerbée. La fin de la protection des banques nationales et la montée en puissance de la finance de marché transforment la gestion des risques. L’interdépendance des risques de crédit et de marché pose des problèmes de régulation prudentielle, tant au niveau des établissements que du système financier intégré dans l’espace monétaire de l’euro. Or le traité de Maastricht, négocié sur la base du modèle allemand qui prévalait avant l’intégration financière, a conservé la séparation des dispositifs nationaux disparates de contrôle prudentiel et a grossièrement sous-estimé le risque systémique à la dimension de l’UEM. Un débat animé s’est noué sur les carences prudentielles en Europe. Le présent article s’y inscrit en proposant des axes de réforme pour le contrôle prudentiel des établissements de crédit et pour la maîtrise du risque systémique. . Classification JEL : G28

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 60 (2000)
Issue (Month): 5 ()
Pages: 59-84

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_60_5_3647

Note: DOI:10.3406/ecofi.2000.3647
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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  1. Charles A. E. Goodhart & Haizhou Huang, 1999. "A model of the lender of last resort," Proceedings, Federal Reserve Bank of San Francisco.
  2. Thierry Sessin, 1998. "Agences de notation et contrôle prudentiel dans l'euroland," Revue d'Économie Financière, Programme National Persée, vol. 48(4), pages 75-92.
  3. Haizhou Huang & C. A. E. Goodhart, 2000. "A Simple Model of An International Lender of Last Resort," IMF Working Papers 00/75, International Monetary Fund.
  4. G. G. Garcia, 2000. "Deposit Insurance and Crisis Management," IMF Working Papers 00/57, International Monetary Fund.
  5. Curzio Giannini, 1999. "Enemy of None But a Common Friend of All? An International Perspectiveon the Lender-Of-Last-Resort Function," IMF Working Papers 99/10, International Monetary Fund.
  6. Paul H. Kupiec & James M. O'Brien, 1995. "The use of bank trading risk models for regulatory capital purposes," Finance and Economics Discussion Series 95-11, Board of Governors of the Federal Reserve System (U.S.).
  7. Laurence Scialom & Michel Aglietta, 1998. "Vers une nouvelle doctrine prudentielle," Revue d'Économie Financière, Programme National Persée, vol. 48(4), pages 47-73.
  8. G. G. Garcia, 1999. "Deposit Insurance," IMF Working Papers 99/54, International Monetary Fund.
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