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Designing a Financial Stability Architecture for a Regionally Integrated Financial Space: The European Experience

Listed author(s):
  • Heinrich, Gregor

Any discussion on improving the existing arrangements for assessing and managing financial risks and in particular supervising the relevant institutions will also need to address the question on which institution should be responsible for which task and for which sector of the financial system, how these institutions should be organized and, if there are several, how they should interact with each other. Based on the example of the European Union, this paper shows the gradual change from a rather loose rather idealistic cooperative framework among entirely independ-ent institutions, over the right to contribute to the functioning of policies set by others, on to the Single Supervisory Mechanism, a centralized structure in which – at least for the banking sector - the ECB takes on a rather powerful role of policy making, oversight and enforcement. (The paper was presented at the conference, “Financial Stability, Interconnectedness, and risk assessment in the Caribbean”, Port of Spain, Trinidad and Tobago, 19-20 March 2015.)

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File URL: https://mpra.ub.uni-muenchen.de/63225/1/MPRA_paper_63225.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 63225.

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Date of creation: Mar 2015
Handle: RePEc:pra:mprapa:63225
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  1. Heinrich, Gregor, 2007. "Central banking in a regional economic setting: Possible contributions to integration," MPRA Paper 47416, University Library of Munich, Germany.
  2. Masahiro Kawai & Peter J. Morgan, 2014. "Regional financial regulation in Asia," Chapters,in: New Global Economic Architecture, chapter 6, pages 112-147 Edward Elgar Publishing.
  3. Piet Clement, 2010. "The term “macroprudential”: origins and evolution," BIS Quarterly Review, Bank for International Settlements, March.
  4. Dirk Schoenmaker & Charles Goodhart, 2006. "Burden Sharing in a Banking Crisis in Europe," FMG Special Papers sp164, Financial Markets Group.
  5. Sumiko Ogawa & Joonkyu Park & Diva Singh & Nita Thacker, 2013. "Financial Interconnectedness and Financial Sector Reforms in the Caribbean," IMF Working Papers 13/175, International Monetary Fund.
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