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Banking Crisis Management in the EU: An Interim Assessment

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  • Jean Pisani-Ferry
  • André Sapir

Abstract

Director Jean Pisani-Ferry and Senior Fellow André Sapir provide an in-depth examination of the the banking crisis in the European Union, starting with a discussion of the pre-crisis banking landscape and including an assessment of the management of the crisis and the lessons learned going forward. The authors argue that the EU was institutionally ill-prepared to manage the crisis, with the response characterised by ad hoc actions and a lack of transparency. They say, however, that coordination has remarkably not been impeded by a divide within the euro area and policy performance has been better than expected given the sub-optimal nature of EU financial institutional arrangements.

Suggested Citation

  • Jean Pisani-Ferry & André Sapir, 2009. "Banking Crisis Management in the EU: An Interim Assessment," Working Papers 359, Bruegel.
  • Handle: RePEc:bre:wpaper:359
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    References listed on IDEAS

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    1. Robert A. Eisenbeis & George G. Kaufman, 2007. "Cross-border banking: challenges for deposit insurance and financial stability in the European Union," FRB Atlanta Working Paper 2006-15, Federal Reserve Bank of Atlanta.
    2. Dirk Schoenmaker & Charles Goodhart, 2006. "Burden Sharing in a Banking Crisis in Europe," FMG Special Papers sp164, Financial Markets Group.
    3. Mayes, David G. & Nieto, María J. & Wall, Larry, 2008. "Multiple safety net regulators and agency problems in the EU: Is Prompt Corrective Action partly the solution?," Journal of Financial Stability, Elsevier, vol. 4(3), pages 232-257, September.
    4. Christiaan van Laecke & Dirk Schoenmaker, 2006. "Current State of Cross-Border Banking," FMG Special Papers sp168, Financial Markets Group.
    5. Prati, A. & Schinasi, G.J., 1999. "Financial Stability in European Economic and Monetary Union," Princeton Studies in International Economics 86, International Economics Section, Departement of Economics Princeton University,.
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