Regulatory response to the financial crisis in Europe

Recent developments (2010-2013)

S. Carbo Valverde, H.A. Benink, T. Berglund, C. Wihlborg

Research output: Contribution to journalArticleScientificpeer-review

Abstract

Purpose
– The purpose of this paper by the European Shadow Financial Regulatory Committee (ESFRC) is to provide an account of the financial crisis in Europe during the period 2010-2013 and an analysis of how the relevant authorities reacted to the crisis.

Design/methodology/approach
– These actions included measures taken by central banks, governments or fiscal authorities, and by regulatory or supervisory bodies. In a previous study covering the regulatory developments during the financial crisis up until 2009, issues such as the implementation of Basel III rules in Europe and the (mostly ad hoc and unilateral) resolution mechanisms set in most European countries to fight the crisis were covered. This study focuses on developments since 2010 with a focus on the concerns and actions that emerged with the sovereign debt crisis in the euro area. In particular, the transition from the European Financial Stability Facility to the European Stability Mechanism is assessed. The focus after 2012 has progressively turned to the challenges of the European banking union.

Findings
– These issues are jointly covered, along with some updates on the views of the ESFRC on recent advances in other areas, such as solvency regulation. All in all, the authors find that the weaknesses of the global financial system remain to be addressed, and they believe that the banking union is one of the main tools and opportunities for an improved and efficient crisis management in Europe.

Originality/value
– The paper aims at contributing to the study of financial regulation after the banking crisis. The experience of the euro zone in this context is assessed in this article from a wide range of perspectives.
Original languageEnglish
Pages (from-to)29-50
JournalJournal of Financial Economic Policy
Volume7
Issue number1
DOIs
Publication statusPublished - 2015

Fingerprint

Financial crisis
Authority
Banking union
Ad hoc
Financial regulation
Fiscal
Central bank
Banking crisis
Sovereign debt crises
Financial stability
Financial system
Government
European banking
Solvency
Basel
Crisis management
Design methodology
European countries
Euro area
Euro zone

Keywords

  • banks
  • regulatory change

Cite this

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title = "Regulatory response to the financial crisis in Europe: Recent developments (2010-2013)",
abstract = "Purpose– The purpose of this paper by the European Shadow Financial Regulatory Committee (ESFRC) is to provide an account of the financial crisis in Europe during the period 2010-2013 and an analysis of how the relevant authorities reacted to the crisis.Design/methodology/approach– These actions included measures taken by central banks, governments or fiscal authorities, and by regulatory or supervisory bodies. In a previous study covering the regulatory developments during the financial crisis up until 2009, issues such as the implementation of Basel III rules in Europe and the (mostly ad hoc and unilateral) resolution mechanisms set in most European countries to fight the crisis were covered. This study focuses on developments since 2010 with a focus on the concerns and actions that emerged with the sovereign debt crisis in the euro area. In particular, the transition from the European Financial Stability Facility to the European Stability Mechanism is assessed. The focus after 2012 has progressively turned to the challenges of the European banking union.Findings– These issues are jointly covered, along with some updates on the views of the ESFRC on recent advances in other areas, such as solvency regulation. All in all, the authors find that the weaknesses of the global financial system remain to be addressed, and they believe that the banking union is one of the main tools and opportunities for an improved and efficient crisis management in Europe.Originality/value– The paper aims at contributing to the study of financial regulation after the banking crisis. The experience of the euro zone in this context is assessed in this article from a wide range of perspectives.",
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author = "{Carbo Valverde}, S. and H.A. Benink and T. Berglund and C. Wihlborg",
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Regulatory response to the financial crisis in Europe : Recent developments (2010-2013). / Carbo Valverde, S.; Benink, H.A.; Berglund, T.; Wihlborg, C.

In: Journal of Financial Economic Policy, Vol. 7, No. 1, 2015, p. 29-50.

Research output: Contribution to journalArticleScientificpeer-review

TY - JOUR

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AU - Benink, H.A.

AU - Berglund, T.

AU - Wihlborg, C.

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