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Pour une politique prudentielle européenne

  • Michel Aglietta
  • Laurence Scialom
  • Thierry Sessin

[eng] For a prudential regulation policy Financial markets are integrating fast with the advent of the euro. To cope with accrued competition, financial intermediaries have developed mergers. Credit and market risk are so correlated it poses problem to prudential regulation. This article proposes some ways of reforms. Classification JEL : G28 [fre] Les marchés financiers s’intègrent de plus en plus vite après l’euro. Les intermédiaires s’adaptent à cet espace financier par des fusions et acquisitions pour résister à une concurrence exacerbée. La fin de la protection des banques nationales et la montée en puissance de la finance de marché transforment la gestion des risques. L’interdépendance des risques de crédit et de marché pose des problèmes de régulation prudentielle, tant au niveau des établissements que du système financier intégré dans l’espace monétaire de l’euro. Or le traité de Maastricht, négocié sur la base du modèle allemand qui prévalait avant l’intégration financière, a conservé la séparation des dispositifs nationaux disparates de contrôle prudentiel et a grossièrement sous-estimé le risque systémique à la dimension de l’UEM. Un débat animé s’est noué sur les carences prudentielles en Europe. Le présent article s’y inscrit en proposant des axes de réforme pour le contrôle prudentiel des établissements de crédit et pour la maîtrise du risque systémique. Classification JEL : G28

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Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 60 (2000)
Issue (Month): 5 ()
Pages: 59-84

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_60_5_3647
Note: DOI:10.3406/ecofi.2000.3647
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  1. Thierry Sessin, 1998. "Agences de notation et contrôle prudentiel dans l'euroland," Revue d'Économie Financière, Programme National Persée, vol. 48(4), pages 75-92.
  2. Haizhou Huang & Charles Goodhart, 1999. "A Simple Model of an International Lender of Last Resort," FMG Discussion Papers dp336, Financial Markets Group.
  3. Paul H. Kupiec & James M. O'Brien, 1995. "The use of bank trading risk models for regulatory capital purposes," Finance and Economics Discussion Series 95-11, Board of Governors of the Federal Reserve System (U.S.).
  4. Haizhou Huang & C. A. E. Goodhart, 1999. "A Model of the Lender of Last Resort," IMF Working Papers 99/39, International Monetary Fund.
  5. Michel Aglietta & Laurence Scialom, 1998. "Vers une nouvelle doctrine prudentielle," Revue d'Économie Financière, Programme National Persée, vol. 48(4), pages 47-73.
  6. G. G. Garcia, 1999. "Deposit Insurance: A Survey of Actual and Best Practices," IMF Working Papers 99/54, International Monetary Fund.
  7. Curzio Giannini, 1999. "Enemy of None But a Common Friend of All? An International Perspectiveon the Lender-Of-Last-Resort Function," IMF Working Papers 99/10, International Monetary Fund.
  8. G. G. Garcia, 2000. "Deposit Insurance and Crisis Management," IMF Working Papers 00/57, International Monetary Fund.
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