Download publication

Working Paper

Financial reform after the crisis: an early assessment

This paper takes stock of global efforts towards financial reform since the start of the financial crisis in 2007-08, and provides a synthetic (if simplified) picture of their status as of January 2012.

By: Date: January 27, 2012

This paper takes stock of global efforts towards financial reform since the start of the financial crisis in 2007-08, and provides a synthetic (if simplified) picture of their status as of January 2012.

Underlying dynamics are described and analysed both at the global level (particularly G-20, International Monetary Fund and the Financial Stability Board) and in individual jurisdictions, together with the impact the crisis has had on them. The possible next steps of financial reform are then reviewed along several dimensions including ongoing crisis management in Europe, the new emphasis on macroprudential approaches, the challenges posed by globally integrated financial firms, the implementation of harmonised global standards and the links between financial systems and growth.

This text is forthcoming in: Barry Eichengreen and Bokyeong Park (eds) (2012), The global economy after the financial crisis, World Scientific Publishing. Financial support from the Korea Institute for International Economic Policy (KIEP) is gratefully acknowledged.

Download Publication

Financial reform after the crisis: an early assessment

Working Paper

Financial reform after the crisis: an early assessment

32m read (16 pages)

Download publication

Topics

Comments

Read article More on this topic More by this author

Opinion

Ashoka Mody

The market's troubling message

Amid one of the worst market routs on record, a chorus of reassuring economic commentators insists that global fundamentals are sound and investors are overreacting, behaving like a panicked herd. Don’t be so sure.

By: Ashoka Mody Topic: Finance & Financial Regulation Date: January 30, 2016
Read about event More on this topic

Past Event

Past Event

Impact of regulatory and supervisory reform on the banking sector

In the framework of our 10th anniversary celebrations, Bruegel is organising a series of events in the capitals of our member states. These debates, talks and conferences will bring crucial European topics to audiences across the continent. One year after a major overhaul of European banking regulation and supervision, the National Bank of Belgium and […]

Speakers: Luc Coene, Mathias Dewatripont, Olivier Hamoir, Dominique Laboureix, Dirk Schoenmaker, Johan Thijs, Erik van der Plaats, Guntram B. Wolff and Diederik van Wassenaer Topic: Finance & Financial Regulation Location: Rue Montagne aux Herbes potagères 61, Brussels Date: January 28, 2016
Read about event

Past Event

Past Event

The Bank of England in Europe: Does EU membership constrain non-Euro central banks?

The ECB and its response to crises in the euro area have been in the spotlight recently. But how does EU membership affect the central banks of non-Euro member states? This question is especially pertinent in the UK, whose relationship with the EU is at a vital crossroads.

Speakers: Jon Cunliffe, Matt Holmes, Sheri Markose and Guntram B. Wolff Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: January 22, 2016
Read article More on this topic More by this author

Opinion

Guntram B. Wolff

Getting eurozone deposit insurance right promises benefits

EU-wide security of savings must be considered in order to take banking union seriously. Banks' holdings of government bonds must be limited.

By: Guntram B. Wolff Topic: Finance & Financial Regulation Date: January 5, 2016
Read article More on this topic More by this author

Blog Post

Bennet Berger

Non-performing loans in Italy and selected European countries

Vulnerabilities in the Italian banking system are causing fears of a banking crisis to surface.

By: Bennet Berger Topic: Finance & Financial Regulation Date: December 18, 2015
Read article

Blog Post

Christopher Gandrud
Mark Hallerberg

Opaque Europe: financial supervisory transparency, why it’s important, and how to improve it

“Financial supervisory transparency” has been on the agenda of international financial institutions for some time. It concerns the public availability of data supervisors have on the financial industry. Using a new measure of data reporting to international financial institutions like the IMF and World Bank, we show that financial supervisory transparency is particularly lacking in Europe. We make recommendations for EU institutions to improve it.

By: Mark Copelovitch, Christopher Gandrud and Mark Hallerberg Topic: Finance & Financial Regulation Date: December 11, 2015
Read article Download PDF More on this topic

Policy Contribution

Financial regulatory transparency: new data and implications for EU policy

Financial regulatory transparency: new data and implications for EU policy

This paper introduces a new international financial regulatory data transparency index - the Financial Regulatory Transparency (FRT) Index - in order to address the exisiting gap in measuring regulatory transparency.

By: Mark Copelovitch, Christopher Gandrud and Mark Hallerberg Topic: Finance & Financial Regulation Date: December 10, 2015
Read article Download PDF More by this author

Parliamentary Testimony

Private: EU Endorsement of the IFRS 9 Standard on Financial Instruments AccountingEuropean Parliament

EU Endorsement of the IFRS 9 Standard on Financial Instruments Accounting

Statement prepared for the European Parliament’s ECON Committee Public Hearing of 1 December 2015

By: Nicolas Véron Topic: European Parliament, Finance & Financial Regulation, Parliamentary Testimonies Date: December 1, 2015
Read article Download PDF More on this topic

Working Paper

Macroprudential supervision: from theory to policy

Macroprudential supervision: from theory to policy

While there is now consensus that financial supervision has to focus on the aggregate (macroprudential), in addition to the individual (microprudential), there is no agreed macroprudential framework for measuring financial imbalances and applying policies to correct such imbalances. This paper focuses on these two open questions in the so-called time dimension of macroprudential policy.

By: Dirk Schoenmaker and Peter Wierts Topic: Finance & Financial Regulation Date: November 25, 2015
Read article More on this topic More by this author

Opinion

Guntram B. Wolff

Europäische Einlagensicherung: Deutschland würde profitieren

Wer ernsthaft die Bankenunion will, kommt um die EU-weite Sicherung der Sparguthaben nicht herum. Es braucht Obergrenzen, wie viele Staatsanleihen Banken halten sollen.

By: Guntram B. Wolff Topic: Finance & Financial Regulation Date: November 25, 2015
Read article More on this topic More by this author

Blog Post

Silvia Merler

Italian “creative” resolution, episode 2

As four tiny Italian banks are being restructured, Italy is again looking for a “creative” approach to bank resolution, which however looks a little bit like financial repression.

By: Silvia Merler Topic: Finance & Financial Regulation Date: November 24, 2015
Read about event More on this topic

Past Event

Past Event

CANCELLED: Post-Crisis Financial Stability: Vulnerabilities, Legacies, Policies

CANCELLED: We regret to announce that this event has been cancelled due to the current security situation in Brussels

Speakers: Sheri Markose, Nicolas Véron and José Viñals Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 24, 2015
Load more posts