ESRB report on sovereign bond-backed securities
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The report summarises the findings of the ESRB High-Level Task Force on the feasibility and impact of creating a market for SBBS as a tool to enhance financial stability. The…
Reconciling risk sharing with market discipline: A constructive approach to Euro area reform
The CEPR policy contribution, written by a group of French and German economists, proposes six reforms which, if delivered as a package, would improve – according to the authors –…
The operational efficiency of the ECBs crisis management
The ECA special report assessed the operational efficiency of the management of the ECB in relation to crisis management. The auditors found that the ECB has established a substantial framework…
Regulatory Cycles: Revisiting the Political Economy of Financial Crises
The IMF paper examines the political economy of financial policy during ten financial booms and busts, and presents consistent evidence of pro-cyclical regulatory policies by governments. It shows that in…
Single Resolution Board: Work on a challenging Banking Union task started, but still a long way to go
In a special report the European Court of Auditors pointed to critical weaknesses and shortcomings in the build-up and work of the Single Resolution Board thus far. The auditors identified…
REPORT Financial Stability Conference 2017
The Financial Stability Conference 2017 was held October 18 in Berlin. A comprehensive report was compiled containing summaries of all speeches, impulses and discussions as well as three accompanying policy…
The Role of Monetary Policy and macro-prudential Tools for financial Stability in the Euro Area
The policy paper first reviews the discussion around the role for central banks in financial stability and using the interest rate as a tool to this end in particular. The…
Breaking the doom loop: The euro zone basket
The authors develop a suggestion of how to break the sovereign-bank nexus which does not involve pooling and/or tranching. At the same time, it does not require capital provision for…
Sovereign and banking risks: what policies?
The issue of the Europeeye publication “European Economy” discusses the loop between sovereign and banking risks and the pros and cons of a tighter regulatory framework for banks’ sovereign exposures. It takes…
Crisis transmission through the global banking network
The authors find that a larger number of direct loan exposures to bank borrowers in countries experiencing systemic banking crises reduces bank returns and the granting of large corporate loans. On…