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The Case for a European Banking Charter

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Author Info
Martin Cihák
Jörg Decressin
Abstract

Most financial institutions in the European Union (EU) are still based in one country, but a number of large financial institutions (LCFI) have systemic cross-border exposures. The paper explains how, despite much progress, nationally-segmented supervisory frameworks and national accountability for financial stability hinder optimization across borders of banks' operations and efficient and effective LCFI supervision. A full-fledged EU-level prudential regime that operates along-side national regimes--a European Banking Charter (EBC)--could harness market forces to establish a level playing field for financial sector competition, while plugging some significant gaps in Europe's financial stability framework without concentrating excessive powers.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/173.

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Length: 34 pages
Date of creation: 18 Jul 2007
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Handle: RePEc:imf:imfwpa:07/173

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Keywords: Working Paper Banking Europe Financial systems European Union Financial stability

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