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Overview of recent policy initiatives in response to the crisis

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  • Praet, Peter
  • Nguyen, Grégory

Abstract

This paper describes several (European) regulatory initiatives undertaken following the financial crisis. There have been global responses, such as the FSF and BCBS 2008 Reports; numerous national initiatives, including a new Belgian network; and the European 2008 MOU, with nine common principles. The first concerns objectives; the rest cover three main topics, including: (1) crisis management framework; (2) co-ordination between authorities during crises; (3) choice of resolution policy. The MOU advocates the establishment of cross-border stability groups (CBSG). Finally we discuss the distinction between potential agreements on: (1) burden-sharing principles and (2) burden-sharing rules. Without the possibility of an effective enforcement policy, the former is preferable.

Suggested Citation

  • Praet, Peter & Nguyen, Grégory, 2008. "Overview of recent policy initiatives in response to the crisis," Journal of Financial Stability, Elsevier, vol. 4(4), pages 368-375, December.
  • Handle: RePEc:eee:finsta:v:4:y:2008:i:4:p:368-375
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    References listed on IDEAS

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    1. Alan Greenspan, 2005. "Risk transfer and financial stability," Proceedings 968, Federal Reserve Bank of Chicago.
    2. Ingo Fender & Janet Mitchell, 2005. "Structured finance: complexity, risk and the use of ratings," BIS Quarterly Review, Bank for International Settlements, June.
    3. Charles Goodhart & Dirk Schoenmaker, 2009. "Fiscal Burden Sharing in Cross-Border Banking Crises," International Journal of Central Banking, International Journal of Central Banking, vol. 5(1), pages 141-165, March.
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    Citations

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    Cited by:

    1. Peter Praet, 2010. "Building a more stable financial system : regulatory reform in a post-crisis perspective," Financial Stability Review, National Bank of Belgium, vol. 8(1), pages 115-126, June.
    2. repec:eee:finsta:v:33:y:2017:i:c:p:366-379 is not listed on IDEAS
    3. Michael R King, 2009. "Time to buy or just buying time? The market reaction to bank rescue packages," BIS Working Papers 288, Bank for International Settlements.
    4. Ding, Cherng G. & Wu, Chiu-Hui & Chang, Pao-Long, 2013. "The influence of government intervention on the trajectory of bank performance during the global financial crisis: A comparative study among Asian economies," Journal of Financial Stability, Elsevier, vol. 9(4), pages 556-564.
    5. Dietrich, Diemo & Hauck, Achim, 2010. "Government interventions in banking crises: Assessing alternative schemes in a banking model of debt overhang," MPRA Paper 24508, University Library of Munich, Germany.

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