The European Crisis and the Role of the Financial System
The paper aims to provide a deep rationale for Banking Union in the euro area. It shows that the banking sectors of core and peripheral countries were responsible for financing the credit boom that created the imbalances and vulnerabilities that later were at the centre of the crisis. The increase of debt ratios in the periphery until 2007 was more significant for the private sector than for the public sector. The crisis has been as much a banking crisis as a sovereign debt crisis and to avoid similar future risks a European Supervisor and a Resolution Authority are essential.
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References listed on IDEAS
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- Boissay, Frederic & Collard, Fabrice & Smets, Frank, 2013. "Booms and systemic banking crises," Working Paper Series 1514, European Central Bank.
- Alexandros Vardoulakis, 2012. "Financial regulation in general equilibrium," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
- Alter, Adrian & Beyer, Andreas, 2014.
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Elsevier, vol. 42(C), pages 134-153.
- Alter, Adrian & Beyer, Andreas, 2012. "The dynamics of spillover effects during the European sovereign debt turmoil," CFS Working Paper Series 2012/13, Center for Financial Studies (CFS).
- Alexander Popov & Neeltje van Horen, 2013. "The impact of sovereign debt exposure on bank lending: Evidence from the European debt crisis," DNB Working Papers 382, Netherlands Central Bank, Research Department.
- Charles A.E. Goodhart & Anil K Kashyap & Dimitrios P. Tsomocos & Alexandros P. Vardoulakis, 2012.
"Financial Regulation in General Equilibrium,"
NBER Working Papers
17909, National Bureau of Economic Research, Inc.
- Goodhart, Ch. A. E. & Kashyap, A. K. & Tsomocos, D. P. & Vardoulakis, A. P., 2012. "Financial Regulation in General Equilibrium," Working papers 372, Banque de France.
- Charles Goodhart & Anil K Kashyap & Dimitrios Tsomocos & Alexandros Vardoulakis, 2012. "Financial Regulation in General Equilibrium," FMG Discussion Papers dp702, Financial Markets Group.
- Dirk Schoenmaker, 2011.
"The Financial Trilemma,"
Tinbergen Institute Discussion Papers
11-019/2/DSF 7, Tinbergen Institute.
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