Euro Area Policies : 2011 Article IV Consultation—Lessons from the European Financial Stability Framework Exercise; and Selected Issues Paper.

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Series:

IMF Staff Country Reports; Country Report ; No. 2011/186

IMF Staff Country Reports

Language:

English

Subjects (All):

Finance--European Union countries.

Finance.

Banks and banking--European Union countries.

Banks and banking.

Banks and banking--State supervision--European Union countries.

Debts, Public--European Union countries.

Debts, Public.

European Union countries--Economic policy.

European Union countries.

Physical Description:

1 online resource (146 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2011.

Language Note:

English

Summary:

The European Union’s (EU) financial stability framework is being markedly strengthened. This is taking place on the heels of a severe financial crisis owing to weaknesses in the banking system interrelated with sovereign difficulties in the euro area periphery. Important progress has been made in designing an institutional framework to secure microeconomic and macroprudential supervision at the EU level, but this new set-up faces a number of challenges. Developments regarding the financial stability may assist in the continuing evolution of the European financial stability architecture.

Contents:

Cover; Contents; Glossary; A; B; C; D; E; F; I; L; M; N; P; S; T; Executive Summary; I. Introduction; II. The EU Financial Stability Infrastructure; A. The European System of Financial Supervisors (ESFS); Boxes; 1. Some Lessons from Recent European FSAP Updates; B. The European Supervisory Authorities; 2. Current Issues in the Supervision of Insurance and Occupational Pensions; C. European Systemic Risk Board; D. Supervisory Colleges; E. The Financial Stability Work of the European Commission; F. Cross-Institution Coordination; III. EU Financial Policy Issues

A. Crisis Management and Bank ResolutionB. Financial Stability, State Aid, and Competition; C. Macroprudential Instruments; D. Data Adequacy; E. Direct Regional Supervision: The Rating Agencies; Appendixes; I. Details of Current Institutional Arrangements; II. Supervising the Insurance and Pensions Industries; Annex; I. Institutional and Legal Issues from FSAPs in EU Member States; Contents; I. Financial Integration and Corporate Funding Costs in Europe after the Financial and Sovereign Debt Crisis; A. Introduction; B. Data and Estimation; Tables

Table I.1. Panel Estimates of the Effects of Sovereign CDS and Stock Price Developments on Country EffectsC. Conclusion; Figures; Figure I.1. Monthly 5-year Sovereign CDS Premia of Selected Euro Area Countries; Figure I.2. Monthly 5-year CDS Premia of Large Banks in Selected Euro Area Countries; Figure I.3. Monthly 5-year CDS Premia of Telecom Firms in Selected Euro Area Countries; Figure I.4. Estimated Country Effects for Selected Euro Area Countries; References; Appendixes; Appendix I. Data; II. ECB Policy Measures and Euro Area Banks; A. Introduction; B. Methodology and Data

Figure II.1. Euro Area Listed Banks: Abnormal and Cumulative Abnormal ReturnsC. Results; D. Conclusions and Policy Implications; Table II.1. Contribution of ECB Policy Measures in Systemic Risk VAR; Table II.2. Panel Regression Estimates of Banks' ROA and Marginal Effects of ECB Policy Measures; Table II.1A: Set of ECB Policy Measures; Table II.2A. Banks in the Sample for the Event Study and Panel Regression; References; III. The European Systemic Risk Board: Effectiveness of Macroprudential Oversight in Europe; A. Introduction; B. Institutional Constraints

C. The Need for Effective National Macroprudential Policy FrameworksBoxes; Box 1: Institutional Models; D. The Macroprudential Policy Toolkit; Table III.2A. Macroprudential Instruments Selected by European Countries (Part I); Table III.2B. Macroprudential Instruments Selected by European Countries (Part II); E. The Role of the ESRB in a Financially Integrated EU; F. Conclusion; References; IV. Strengthening Governance in the Euro Area; A. Introduction; B. Economic Systems in the EU and the U.S.: A Brief Comparison; C. Bolstering Economic Integration in the Euro Area; D. Conclusion

Table IV.1. Main Changes to the Stability and Growth Pact following the 2011

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed September 25, 2014).

ISBN:

9786613870728

9781463900366

1463900368

9781463901332

146390133X

9781283558273

1283558270

9781463901356

1463901356