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EU Framework for Safeguarding Financial Stability: Towards an Analytical Benchmark for Assessing its Effectiveness

Author/Editor: Nieto, María | Schinasi, Garry J.
Authorized for Distribution: November 1, 2007
Electronic Access: Free Full Text (PDF file size is 274KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: European finance is becoming increasingly cross-border, while the European architecture for safeguarding financial stability - including decision-making processes for providing financial-stability public goods - have remained decentralized with some explicit mechanisms for coordination across countries. Policy makers are aware of the limitations of the existing institutional setting, but opinions on how to proceed, including on burden sharing, are lining up along national and regional political lines with less attention paid to European needs. This paper applies the 'economics of alliances' to examine these European policy challenges. The paper establishes benchmarks for assessing the ability of Europe's existing institutional architecture to efficiently allocate resources to safeguard the EU financial system against systemic threats to stability, such as the insolvency of a pan European bank.
 
Series: Working Paper No. 07/260
Subject(s): Financial crisis | Europe | Burden sharing | Social safety nets | Financial systems
Author's keyword(s): Safeguarding EU financial stability | crisis resolution | burden sharing
 
English  
    Published:   November 1, 2007        
            Format:   Paper
    Stock No:   WPIEA2007260   Pages:   23
    Price:   US$18.00
       
     
Please address any questions about this title to publications@imf.org.