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More Than One Step to Financial Stability

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Abstract

Visiting Scholar Garry Schinasi examines the European proposals for the creation of both a European Systemic Risk Board (ESRB) to oversee macroprudential regulation and a European System of Financial Supervision (ESFS) to strengthen microprudential supervision. He argues that structural vulnerabilities of this regulatory framework need to be addressed to ensure that the early-warning systems will be adequate to avoid future crises. Specifically, Schinasi points to the fact that the ESRB lacks binding powers to enforce regulation as well as the lack of a legislative framework to resolve the insolvency of systemically important financial institutions (SIFIs).

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Bibliographic Info

Paper provided by Bruegel in its series Policy Briefs with number 341.

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Date of creation: Oct 2009
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Handle: RePEc:bre:polbrf:341

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Cited by:
  1. Vítor Gaspar & Garry Schinasi, 2010. "Financial Stability and Policy Cooperation," Working Papers o201001, Banco de Portugal, Economics and Research Department.

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