Overview of recent policy initiatives in response to the crisis
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.
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References listed on IDEAS
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- Alan Greenspan, 2005. "Risk transfer and financial stability," Proceedings 968, Federal Reserve Bank of Chicago.
- 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.
- Ingo Fender & Janet Mitchell, 2005.
"Structured finance: complexity, risk and the use of ratings,"
BIS Quarterly Review,
Bank for International Settlements, June.
- Ingo Fender & Janet Mitchell, 2005. "Structured finance : complexity, risk and the use of ratings," Financial Stability Review, National Bank of Belgium, vol. 3(1), pages 127-135, June.
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