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EU framework for safeguarding financial stability: Towards an analytical benchmark for assessing its effectiveness

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Author Info

  • María J. Nieto

    () (Banco de España)

  • Garry J. Schinasi

    () (International Monetary Fund)

Abstract

European finance is becoming increasingly cross-border, while the European architecture for safeguarding financial stability —including decision-making processes for providing financial-stability public goods— have remained decentralized with some explicit mechanisms for coordination across countries. Policy makers are aware of the limitations of the existing institutional setting, but opinions on how to proceed, including on burden sharing, are lining up along national and regional political lines with less attention paid to European needs. This paper applies the ‘economics of alliances’ to examine these European policy challenges. The paper establishes benchmarks for assessing the ability of Europe’s existing institutional architecture to efficiently allocate resources to safeguard the EU financial system against systemic threats to stability, such as the insolvency of a pan European bank.

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File URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/08/Fic/do0801e.pdf
File Function: First version, February 2008
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Bibliographic Info

Paper provided by Banco de España in its series Banco de España Occasional Papers with number 0801.

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Length: 25 pages
Date of creation: Feb 2008
Date of revision:
Handle: RePEc:bde:opaper:0801

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Keywords: Safeguarding EU financial stability; crisis resolution; burden sharing;

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Cited by:
  1. Gillian G.H.Garcia & Rosa M. Lastra & Maria J. Nieto, 2009. "Bankruptcy and reorganisation procedures for cross-border banks in the EU: Towards an integrated approach to the reform of the EU safety net," FMG Special Papers sp186, Financial Markets Group.
  2. Masciandaro, Donato & Nieto, Maria J. & Quintyn, Marc, 2011. "Exploring governance of the new European Banking Authority—A case for harmonization?," Journal of Financial Stability, Elsevier, vol. 7(4), pages 204-214, December.
  3. Vítor Gaspar & Garry Schinasi, 2010. "Financial Stability and Policy Cooperation," Working Papers o201001, Banco de Portugal, Economics and Research Department.
  4. Iman van Lelyveld & Marco Spaltro, 2011. "Coordinating Bank Failure Costs and Financial Stability," DNB Working Papers 306, Netherlands Central Bank, Research Department.
  5. International Monetary Fund, 2008. "Cross-Border Coordination Of Prudential Supervision And Deposit Guarantees," IMF Working Papers 08/283, International Monetary Fund.
  6. International Monetary Fund, 2009. "A European Mandate for Financial Sector Supervisors in the EU," IMF Working Papers 09/5, International Monetary Fund.
  7. Gillian G.H. Garcia & Rosa M. Lastra & María J. Nieto, 2009. "Bankruptcy and reorganization procedures for cross-border banks in the EU: Towards an integrated approach to the reform of the EU safety net," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 17(3), pages 240-276, July.

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