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Financial Regulation: A Transatlantic Perspective

Financial Regulation: A Transatlantic Perspective

Author: Ester Faia; Andreas Hackenthal; Michael Haliassos; Katja Langenbucher
Publisher: Cambridge University Press
ISBN: 9781107084261
Published In: August 2015
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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The 2007 to 2009 financial crisis resulted in the re-emergence of the debate on financial regulation and its relationships with other macroeconomic policies, particularly monetary policy. In Europe, the financial crisis was followed by the sovereign debt crisis, as the bail-out of the financial sector put strains on public finances in several countries. The sequence of events called for a strengthening of the union, ranging from a common framework for supervisory policy that could minimize the risk of unforeseen bank or country defaults to a common resolution mechanism that could set equal rules across countries and reduce ex-ante mis-incentives to risk-taking and moral hazard.

This analysis of the state of and prospects for financial regulation examines the lending and saving behavior of banks and households as well as their borrowing activities in order to understand the conflicting priorities and complicated decisions involved in the development and implementation of financial legislation.

Part I. Micro- and Macroprudential Regulation:

1. The road from micro-prudential to macro-prudential regulation Ester Faia and Isabel Schnabel

2. Lessons from the European financial crisis Marco Pagano

3. Bank stress tests as a policy tool: the European experience during the crisis Athanasios Orphanides

4. Monetary policy in a Banking Union Frank Smets and Tobias Linzert

5. Competition and state aid rules in the time of Banking Union Ignazio Angeloni and Niall Lenihan

6. Bail-in clauses Jan Pieter Krahnen and Laura Moretti

7. Shadow resolutions as a no-no in a Sound Banking Union Gerard Hertig and Luca Enriques

8. A political economy perspective on common supervision in the Eurozone Tobias Troger

Part II. Investor and Borrower Protection:

9. Keeping households out of financial trouble Michael Haliassos

10. Financial market governance and consumer protection in the EU Niamh Moloney