Policy brief

The unequal effect of new banking rules in Europe

Publishing date
22 October 2010

In this paper, Benedicta Marzinotto and Jörg Rocholl focus on the tightening of credit conditions for banking rules (Basel III), particularly the estimated macroeconomic costs range, monetary policy and the aggregate costs of the measures. The authors report that the monetary policy response to these changes is not likely to be accommodating and that the aggregate costs of the measures will be differently distributed across countries depending on a variety of issues.

About the authors

  • Benedicta Marzinotto

    Benedicta Marzinotto was a Resident Fellow at Bruegel from 2010 to 2013. She is now with the European Commission as a Policy Analyst – Economist, Labour market reforms, at DG ECFIN.

    She is also a Lecturer in Political Economy at the University of Udine and Visiting Professor at the College of Europe (Natolin Campus).

    Her research for Bruegel focused on EU macroeconomic developments, EU Institutions, finance and growth. More precisely, she was working on the macroeconomics of the recent crisis, the competitiveness debate (macro and micro-approach), the role of the EU budget in the crisis and the impact of financial regulation on economic growth.

    From 2004 to 2009, Benedicta was a Research Fellow in the International Economics Programme at Chatham House. She also has experience as a freelance political economic analyst. She has held visiting positions at the Free University of Berlin and at the University of Auckland.

    Benedicta holds a MSc and PhD in European Political Economy from the London School of Economics. Her research interests include: EU macroeconomics, EU economic governance, varieties of capitalism, and labour markets institutions.

    She is fluent in Italian, English and German.

  • Jörg Rocholl

    Jörg Rocholl is the president of ESMT and the Deutsche Bank professor in sustainable finance. He is the chair of the advisory board to the German Federal Ministry of Finance and the chair of the steering committee of the Global Network for Advanced Management (GNAM). Rocholl is a research fellow at the Centre for Economic Policy Research (CEPR) and a research member at the European Corporate Governance Institute (ECGI).

    Rocholl holds a PhD in finance and economics and an MPhil from Columbia Business School as well as a “Diplom-Ökonom mit Auszeichnung” (economics degree with distinction) from Witten/Herdecke University in Germany.

    As a researcher, Rocholl’s interests are in sustainable finance, corporate finance, corporate governance, financial intermediation, and central banking. His research has been published in leading academic journals such as the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies and has been reported in leading international media.

    Rocholl is a research professor at the Ifo Institute in Munich, the vice chair of the economic advisory board of Deutsche Welle, a council member of the Virchow Foundation for Global Health, and a member of the sustainability advisory council of Deutsche Post DHL Group. He worked with Boston Consulting Group in Frankfurt and London and Deutsche Bank in Frankfurt and New York.

    Declaration of interests 2017

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