Overview of recent policy initiatives in response to the crisis

Peter Praet and Grégory Nguyen

Journal of Financial Stability, 2008, vol. 4, issue 4, 368-375

Abstract: This paper describes several (European) regulatory initiatives undertaken following the financial crisis. There have been global responses, such as the FSF and BCBS 2008 Reports; numerous national initiatives, including a new Belgian network; and the European 2008 MOU, with nine common principles. The first concerns objectives; the rest cover three main topics, including: (1) crisis management framework; (2) co-ordination between authorities during crises; (3) choice of resolution policy. The MOU advocates the establishment of cross-border stability groups (CBSG). Finally we discuss the distinction between potential agreements on: (1) burden-sharing principles and (2) burden-sharing rules. Without the possibility of an effective enforcement policy, the former is preferable.

Keywords: Crisis; management; framework; Cross-border; banking; problems; European; regulatory; initiatives; Burden-sharing (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finsta:v:4:y:2008:i:4:p:368-375

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