The challenge of Europe’s efforts at financial redesign
by Nicolas Véron on 20 April 2010
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Category: OPINION PIECES AND COLUMNS
Topics: Financial markets and regulation
In this month’s column, Nicolas Véron discusses the evolution of an EU-level financial supervisory authority. New legislation could see the creation of three EU agencies that will have binding powers to supervise banks, insurers and securities and markets respectively. While the creation of such supranational financial regulatory bodies is the need of the hour, the author discusses the practical challenges that these agencies could encounter with respect to power-sharing and governance.
Financial reform through three actions
by Ignazio Angeloni on 19 April 2010
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Category: OPINION PIECES AND COLUMNS
Topics: Financial markets and regulation
The lessons we draw from the financial crisis will be crucial in ensuring future economic stability. Bruegel Visiting Fellow Ignazio Angeloni argues that the agenda of post-crisis financial reform is lagging behind. He outlines the main priorities on hand, such as more stringent monitoring of international banks and the need for banks to create prudential margins during economic expansion that can come into use during times of contraction.
Financial Regulation: A New Fortress Europe
by Nicolas Véron on 20 February 2010
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Category: OPINION PIECES AND COLUMNS
Topics: Financial markets and regulation
EU policy leaders are becoming increasingly aware that the necessary re-regulation of Europe’s financial system must not be allowed to lead to a damaging fragmentation of its internal market for financial services. However, they still seem oblivious of the risk of global financial fragmentation inherent in some of their regulatory initiatives, however well-intended. In his monthly column, Senior Fellow Nicolas Véron takes a brief look at the difficult and complex corresponding trade-offs. This op-ed was published in the Turkish weekly Referans, the French newspaper La Tribune, Forbes Russia and the Chinese Caing.com.
Financial-Transaction Tax:Small Is Beautiful
by Zsolt Darvas, Jakob von Weizsäcker on 08 February 2010
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Category: POLICY CONTRIBUTIONS
Topics: Financial markets and regulation
Based on their contribution to the European Parliament Economic and Monetary Affairs Committee, in this Policy Contribution Resident Fellows Zsolt Darvas and Jakob von Weizsäcker discuss the merits of the much-discussed financial-transaction tax. They argue that the case for taxing financial transactions for the sake of not raising revenue is relatively weak, but a financial-transaction tax could be useful in limiting socially-undesirable transactions. On this basis, they say, a very small, coordinated tax on financial transactions could be implemented successfully.
Le Imprese non paghino le difficolta delle banche
by Ignazio Angeloni on 19 January 2010
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Category: OPINION PIECES AND COLUMNS
Topics: Financial markets and regulation, European and global governance
In this column, Visiting Scholar Ignazio Angeloni argues that the exit phase from the financial crisis will prove particularly dangerous for European small and medium sized enterprises. Many of them, though viable in the long run, are endangered by a prolonged negative cash flow, tight lending by banks and shifting patterns of international demand and competitiveness. Public intervention (eg. through credit guarantees) to temporarily protect SMEs is justified in these circumstances.