The Lender of Last Resort in the European Single Financial Market

Pedro Gustavo Teixeira and Garry Schinasi ()

No 2006/127, IMF Working Papers from International Monetary Fund

Abstract: This paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU's financialstability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU member state. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.

Keywords: WP; central bank; market; banking group; EU market liquidity (search for similar items in EconPapers)
Pages: 23
Date: 2006-05-01
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Citations: View citations in EconPapers (21)

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