European Cross-Border Cooperation to Safeguard Stability and Manage Crises in the Financial Sector

• Autorzy: Per Callesen
• Języki publikacji: EN

Abstrakty

EN

This note is devoted to cross-border cooperation for financial stability and crisis management. As illustrated by recent events, financial stability is closely intertwined with macroeconomic stability and fiscal policy. These are fundamental components of the overall framework and also require strong cross-border cooperation. In addition, crisis management is closely linked to and dependent on both the quality of macroeconomic policy management and the built-in stability of the financial system in general. The presentation will therefore be grouped in four parts: 1) Policy-implications of the sovereign debt crisis. 2) The European financial crisis management undertaken in the autumn 2008 from the perspective of the EU 2008 (spring) Memorandum of Understanding (MoU). 3) Revisiting some of the controversies in preparing for the 2008 MoU from the perspective of the subsequent crisis management and policy innovation since then. 4) Selected broader considerations about building a stable financial system, including the need for automatic stabilizers. The note discusses policy implications of the financial and fiscal crisis 2008–10 in the context of the policy framework until then, and does only fragmentally relate to ongoing work and proposals for financial and fiscal reform in the EU. (For the conference Global Financial Crisis: Lessons for the Stability of the Financial Sector, Warsaw May 21, 2010.) (fragment of text)

Słowa kluczowe

EN

Financial crisis; Financial sustainability; Financial market supervision; Financial sector; Crisis management

PL

Kryzys finansowy; Stabilność finansowa; Nadzór nad rynkiem finansowym; Sektor finansowy; Zarządzanie kryzysowe

• Czasopismo: Bezpieczny Bank
• Rocznik: 2010
• Numer: nr 2 (41)
• Strony: 80--92

Twórcy

autor

Per Callesen

• International Monetary Fund