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EU Financial Services Policy since 2007: Crisis, Responses, and Prospects

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  • Nicolas Veron

    (Peterson Institute for International Economics)

Abstract

This paper presents a holistic description and assessment of the European Union’s financial services policy since the start of financial crisis in mid-2007. The decade-long sequence is divided into four themes, in broadly chronological order: the initial reaction to the 2007-08 financial shock; subsequent initiatives framed by political developments at the EU and G-20 levels; the banking union from mid-2012; and more recent events centered on the UK vote to exit the European Union (Brexit). The analysis identifies banking union as the watershed moment, and correspondingly assesses the EU policy response as mostly inadequate in the first half and mostly effective in the second half of the period covered. Recommendations for future reforms are made in the conclusion.

Suggested Citation

  • Nicolas Veron, 2018. "EU Financial Services Policy since 2007: Crisis, Responses, and Prospects," Working Paper Series WP18-6, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp18-6
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    Keywords

    Banking Union; Financial Regulation; Euro Area; Single Market;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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