On 14 February, European Commissioner Michel Barnier and Federal Reserve Governor Daniel Tarullo both indicated their agreement to quickly give the Basel III accord binding force over European and US banks respectively (Jones 2013). This is welcome. But even more important than the speed of adoption is that implementation should stay true to what the accord stipulates.
Basel III: Europe’s interest is to comply
Nicolas Véron, 5 March 2013
Hair of the dog that bit us: New and improved capital requirements threaten to perpetuate megabank access to a taxpayer put
Edward J Kane, 30 January 2013
This column is a lead commentary in the VoxEU Debate "Banking reform: Do we know what has to be done?"
A better way to design global financial regulation
Viral Acharya, T Sabri Öncü, 14 January 2013
Over the last year, it has seemed as though not a single day passed without an internationally prominent figure – economist or politician – urging effective implementation and better coordination of the new financial regulations currently under construction around the globe.
The Vickers Commission’s failure
Laurence J. Kotlikoff, 26 October 2012
The UK is still reeling from the great financial crash. Real GDP remains below its 2007 level, the nation’s 8.4% unemployment rate is at a 16-year high, and youth unemployment is over 20% (BBC 2012). Over three million UK citizens can’t find work or have given up looking.
Not making the grade: Report card on global financial reform
Laura Kodres, 15 October 2012
The global reform agenda aims to make the financial system safer while allowing it to provide the intermediation services needed to fuel strong and stable economic growth. The reform is well underway, but there is still a long way to go (Bush and Farrant 2011, Campos and Nugent 2011).
Should Europe reconsider its supervisory governance? Two is better than one
Donato Masciandaro, Marc Quintyn , 14 October 2012
In the aftermath of the first wave of the 2008 financial crisis, few analyses zoomed in on supervisory failures (as opposed to regulatory failures) as one of the contributing factors to the crisis.
Funding innovation: ‘How’ is as important as ‘how much’
Johan Hombert, Adrien Matray, 12 October 2012
Does banking structure matter when it comes to fund innovation? Should states simply deregulate their banking markets or on the contrary, try to promote local banks?
The risks of trading by banks
Arnoud Boot, Lev Ratnovski, 8 October 2012
Trading by banks was a major factor in the recent crisis. Market-based activities – trading in, or holding securitised debt instruments – led to the failures of major universal banks in Europe (RBS and UBS among the largest) and of both investment and commercial banks in the US (Bear Stearns, Lehman Brothers, Merrill Lynch, Washington Mutual, Wachovia).
Financial innovation: The bright and the dark sides
Thorsten Beck, Tao Chen, Chen Lin, Frank Song, 2 October 2012
The global crisis of 2007 to 2009 has renewed the widespread debate on the ‘bright’ and ‘dark’ sides of financial innovation.
Banking union: A federal model for the European Union with prompt corrective action
Jacopo Carmassi, Carmine Di Noia, Stefano Micossi, 20 September 2012
The European Commission has published its proposals for the transfer of supervisory responsibilities to the ECB providing a comprehensive and courageous ‘first step’ towards a European banking union (the other steps being European deposit insurance and resolution procedures).
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- Rethinking macroeconomic policyBlanchard
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- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
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- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
CEPR Policy Research
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- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corsetti