Read e-book online Adapting to Financial Globalisation PDF

By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

ISBN-10: 0203995554

ISBN-13: 9780203995556

ISBN-10: 0415252407

ISBN-13: 9780415252409

According to a colloquium held through SUERF together with the Austrian nationwide financial institution, this booklet addresses the difficulty of adapting to the calls for of economic globalisation, a urgent preoccupation of bankers monetary associations and fiscal experts.

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Regulation, supervision and lender of last resort operations remain indeed national responsibilities. Furthermore, since capital markets are still less developed in Europe than in the States, the banking sector plays a much greater role (in a ratio of at least 2 or 3 to 1) in the allocation of savings and credit. On top of that, at a national level, and leaving Germany and Italy aside, the banking market is actually three to four times more concentrated in Europe than in the States. The top five deposit-taking institutions in each European country easily account for 40 to 55% of total banking assets, against 17% in the States.

But both developments represent challenges for monetary and supervisory authorities, as the increasing size and the increasing specialization of financial services and service providers at the same time create a new potential of risk. 2 Through the global network of financial markets a crisis in one part of the world may quickly spread via a chain reaction to other places, with the potential to destabilize the global financial system. These crises have transformed the international agenda. At the global level plans for a new international financial architecture have abounded and the future role of institutions like the IMF and the World Bank has been widely and intensively debated.

Obstacles to cross-border deals Throughout Europe, the banking industry continues to be seen as a strategic sector which remains under close surveillance of the national authorities. Regulation, supervision and lender of last resort operations remain indeed national responsibilities. Furthermore, since capital markets are still less developed in Europe than in the States, the banking sector plays a much greater role (in a ratio of at least 2 or 3 to 1) in the allocation of savings and credit. On top of that, at a national level, and leaving Germany and Italy aside, the banking market is actually three to four times more concentrated in Europe than in the States.

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Adapting to Financial Globalisation by Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter


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