financial stability

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Policy Brief

PB 17 01

Making the best of Brexit for the EU27 financial system

The EU27 needs to upgrade its financial surveillance architecture to minimise the financial market fragmentation resulting from Brexit and the corresponding increase in borrowing costs for firms.

By: André Sapir, Dirk Schoenmaker and Nicolas Véron Topic: Finance & Financial Regulation Date: February 8, 2017
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External Publication

claeys-ref-2016

What role for the financial markets in Europe?

The European European financial system is too strongly bank-based. How can it be rebalanced to become favourable to growth and employment again? (This paper is only available in French).

By: Grégory Claeys Topic: Finance & Financial Regulation Date: November 16, 2016
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Past Event

Past Event

Financial Stability Conference 2016

How can we fix the deficiencies in the EU financial system? Bank-state-nexus, business models and the missing level playing field

Topic: Finance & Financial Regulation Location: ESMT, Schlossplatz 1, 10178 Berlin Date: November 3, 2016
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Policy Contribution

coverEuropean Parliament

Total assets versus risk weighted assets: does it matter for MREL?

As a consequence of the global financial crisis, various initiatives have been taken in different jurisdictions to ensure the future resolvability of banks without massive use of public funds. In Europe, the BRRD introduced the concept of MREL, which is in the process of being defined.

By: Bennet Berger, Pia Hüttl and Silvia Merler Topic: European Parliament, Finance & Financial Regulation Date: August 9, 2016
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Past Event

Past Event

The Spanish financial crisis: Lessons for the European banking union

Spain is among the countries still recovering from the financial crisis. While misjudged investments were part of the cause, these past mistakes could offer lessons for the European banking union.

Speakers: Miguel Otero-Iglesias, Federico Steinberg, Pia Hüttl, Stefano Neri and Bruegel Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 9, 2016
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Blog Post

jaume

Are regional governments causing deficit overshooting in Spain?

Spain once again missed its deficit target in 2015 and it seems unlikely that 2016 will be any better. The central government has pointed to regional deficits as being the cause of the fiscal slippage. However, regional governments claim that their deficit is due to under-financing and overly strict deficit targets.

By: Jaume Martí Romero Topic: European Macroeconomics & Governance Date: April 19, 2016
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Opinion

Guntram B. Wolff

The G20’s structural reform agenda should address income gap and financial system fragility

G20 leaders must address major issues like the distribution of income and the structure of our financial systems in order to combat the deeper underlying causes of weak global demand.

By: Guntram B. Wolff Topic: Finance & Financial Regulation, Global Economics & Governance Date: March 15, 2016
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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
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Blog Post

Silvia Merler

A financial side to a macroeconomic story: macro imbalances and financial integration in the euro area

In a recent paper, I looked at the evolution of financial cycles in the euro area and at their link with capital flows. Here, I focus on how those findings inform our understanding of euro-area macroeconomic imbalances, revisiting the analysis of national savings and investment correlation.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: January 18, 2016
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Past Event

Past Event

Central banking after the great recession

Have Central Banks lost their ability to control domestic inflation? Are macroprudential tools sufficient to ensure financial stability? Do new monetary tools, a closer relationship with fiscal policy and the renewed financial stability mandate require a new central banking paradigm?

Speakers: Ignazio Angeloni, Markus K. Brunnermeier, Claudia M. Buch, Grégory Claeys, Charles Goodhart, Dirk Schoenmaker, Andrzej Rzońca, Cecilia Skingsley and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: January 18, 2016
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Opinion

Ashoka Mody

Another slow year for the global economy

The factors that dragged down the global economy in 2015 will persist – and in some cases even intensify – in the new year.

By: Ashoka Mody Topic: Global Economics & Governance Date: January 5, 2016
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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
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