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EU Framework for Safeguarding Financial Stability

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Author Info

  • María Nieto
  • Garry J. Schinasi

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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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/260.

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Length: 23
Date of creation: 01 Nov 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/260

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Related research

Keywords: Burden sharing; Social safety nets; Financial systems; benefits; financial stability; financial system; financial institutions; deposit insurance; moral hazard; financial instability; financial regulation; financial markets; financial resources; financial market; financial services; bonds; financial sector; financial conglomerates; issuance of bonds; domestic financial institutions;

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Cited by:
  1. International Monetary Fund, 2009. "A European Mandate for Financial Sector Supervisors in the EU," IMF Working Papers 09/5, International Monetary Fund.
  2. International Monetary Fund, 2008. "Cross-Border Coordination of Prudential Supervision and Deposit Guarantees," IMF Working Papers 08/283, International Monetary Fund.
  3. 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.

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