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An Appraisal of the European response to the financial crisis of 2008

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  • Innocenti, Isabella

Abstract

Faced with the effects of the financial crisis on its financial markets, its banking sector and its economy, Europe did not remain inactive. The European Central Bank (ECB) intervened several times to calm tensions in the interbank market. Public resources were used to support activity and recapitalize institutions close to bankruptcy in some exposed countries. At Community level, the lessons of the crisis must also be drawn: by ensuring the transparency of the banks' liabilities and their exposure to the risks associated with securitization; by better structuring the derivatives markets; by modifying the rules applicable to the rating agencies; strengthening banking supervision at Community level, in particular for institutions operating in more than one Member State of the European Union (EU).

Suggested Citation

  • Innocenti, Isabella, 2018. "An Appraisal of the European response to the financial crisis of 2008," MPRA Paper 92603, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:92603
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    References listed on IDEAS

    as
    1. Buiter, Willem, 2007. "Lessons from the 2007 Financial Crisis," CEPR Discussion Papers 6596, C.E.P.R. Discussion Papers.
    2. Kirrane, Christopher, 2017. "Looking Back to the Asian Crisis," MPRA Paper 89104, University Library of Munich, Germany.
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    More about this item

    Keywords

    Financial crisis;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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