External Publication

Reconciling contradictory forces: financial inclusion of refugees and know-your-customer regulations

The authors contributed to the new issue of the 'Journal of Banking Regulation' with a paper on financial inclusion initiatives and banking regulations necessary to provide access to financial services for asylum seekers and refugees.

By: , and Date: October 30, 2018 Topic: Finance & Financial Regulation

This paper was published in the Journal of Banking Regulation (2018).

Providing access to financial services for asylum seekers and refugees is made difficult by know-your-customer financial regulations adopted as part of efforts to tackle money laundering and terrorist financing activities. Difficulties in identifying asylum seekers and refugees further complicate the urgent necessity of opening simple bank accounts, which is a crucial step towards integration.

The authors review certain financial inclusion initiatives and assess European Union banking regulations from the perspective of offering financial services to asylum seekers and refugees. They conduct a novel survey of banks in the European Union to shed light on banks’ attitudes to the financial integration of refugees, their assessment of the relevant banking regulations and possible public–private partner-ships to improve the financial integration process. The conclusion is that the solution to the financial inclusion problem is not to ease regulation, but to tailor it to the specific needs of refugees, while offering clear guidelines to banks and improving refugee identification. The authors make several recommendations, including the issuance of a European identification document to each refugee and the development of a pan-European registry of refugees.

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Podcast

Podcast

Banks and loan losses in the pandemic turmoil

The current pandemic is shaking the financial system. How can banks react ? Is a consolidation of the financial system in Europe needed in order to respond to this crisis ? Will our economies suffer from this pandemic as much as they did in 2008 ? This week, Giuseppe Porcaro is joined live by Guntram Wolff and Nicolas Véron to discuss banks and loan losses in the pandemic turmoil.

By: The Sound of Economics Topic: Finance & Financial Regulation Date: March 25, 2020
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Past Event

Past Event

POSTPONED: Banking on Digital: a conversation with Ana Botin, Executive chairman of Santander Group

This event will feature a conversation between Anna Botin and Guntram Wolff on the future of the European Banking sector in face of the digital revolution.

Speakers: Ana Botin and Guntram B. Wolff Topic: Finance & Financial Regulation, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 25, 2020
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Podcast

Podcast

Is the EU a superpower?

As China and the US battle for global supremacy, the EU seems to remain in the shadows. But what if the EU had been shaping the world economy all along without anybody noticing? Could its soft power be strong enough to shape regulations all over the world? What impact does such influence have over its own economy? This week, Giuseppe Porcaro and Guntram Wolff are joined live by Ashoka Mody, Professor in International Economic Policy at the Princeton University, and Anu Bradford, author of the book "The Brussels Effect: How the European Union rules the world".

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: March 3, 2020
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Podcast

Podcast

Can hybrid threats disrupt the financial system?

From cashless payments to digital banking, finance has become intangible and global. But, while speed and convenience have made our international transactions easier, have we become more vulnerable? How can the EU respond to the increased risk of hybrid threats? This week, Nicholas Barrett is joined by Jukka Savolainen, Director of Community of Interest “Vulnerabilities and Resilience” at the European Centre of Excellence for Countering Hybrid Threats, and Maria Demertzis, to discuss the risks that hybrid threats pose to the financial system.

By: The Sound of Economics Topic: Finance & Financial Regulation Date: February 17, 2020
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Opinion

European capital markets union, by rule and by choice

While the euro is now a leading global currency and the European Central Bank has become a comprehensive banking supervisor, Europe’s markets have been treading water.

By: Rebecca Christie Topic: Finance & Financial Regulation Date: January 23, 2020
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Blog Post

A Major Step Toward Combating Money Laundering in Europe

Combating money laundering in Europe took a momentous step with finance ministers of France, Germany, Italy, Latvia, the Netherlands, and Spain putting forward a joint proposal.

By: Nicolas Véron and Joshua Kirschenbaum Topic: Finance & Financial Regulation Date: November 25, 2019
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Blog Post

Bank regulation in the European Union neighbourhood: limits of the ‘Brussels effect’

The EU model of financial market regulation is increasingly copied by third countries. In this context, the EU’s efforts to promote its model beyond its borders should take into account the underdevelopment of financial markets in many partner countries, and the often insufficient capacity of regulators and supervisors.

By: Alexander Lehmann Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: November 20, 2019
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Opinion

Scholz's improved plan to complete the banking union

The head of German Finance has written in the Financial Times defending the need to deepen the banking union, now London is about to leave

By: Rebecca Christie Topic: European Macroeconomics & Governance Date: November 8, 2019
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Opinion

Brexit and Finance: Brace for No Impact?

Amid the daily high drama of Brexit, it is easy to lose track of the structural shifts, or lack thereof, that may be associated with the UK’s possible departure from the European Union. One of them, and not the least, is the potential impact on the European and global financial system.

By: Nicolas Véron Topic: European Macroeconomics & Governance Date: October 14, 2019
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Podcast

Podcast

Backstage at BAM19: How much further reform is needed for the new financial sector?

Backstage at the Bruegel Annual Meetings, Rebecca Christie talks with Nicolas Véron on the new financial sector.

By: The Sound of Economics Topic: Finance & Financial Regulation Date: September 5, 2019
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Blog Post

Hong Kong’s economy is still important to the Mainland, at least financially

Hong Kong’s current situation is important for the world in as far as its role as major offshore financial centre is key for China’s inbound and outbound investment and financing. Capital outflows from Hong Kong are especially risky given Hong Kong's so far useful but rigid monetary regime, namely a peg to the USD under a currency board

By: Alicia García-Herrero and Gary Ng Topic: Global Economics & Governance Date: August 19, 2019
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External Publication

An Effective Regime for Non-viable Banks: US Experience and Considerations for EU Reform

The US regime for non-viable banks has maintained a high degree of stability and public confidence by protecting deposits, while working to minimise the public cost of that protection. EU reformers can draw valuable insights from the US experience. A review of the US regime supports arguments in favour of harmonisation and centralisation of bank insolvency proceedings and deposit insurance in Europe’s banking union.

By: Anna Gelpern and Nicolas Véron Topic: Finance & Financial Regulation Date: July 22, 2019
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