By Pompeo Della Posta, Leila Simona Talani
The worldwide monetary and fiscal trouble has caused many results which are nonetheless tricky to interpret univocally. This publication experiences the results of the difficulty on Europe through interpreting the results at the eu institutional setup, governance and structure and via learning intimately different member international locations.
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Additional resources for Europe and the Financial Crisis
Example text
Despite the freezing in Domenica Tropeano 31 the interbank market, nothing more happened in the year before the Lehman Brothers bankruptcy, which triggered a new wave of disruption, falling asset prices and the like. The reason for that slow pace of the spreading of the financial crisis is not evident by merely looking at statistics. It has been reconstructed in a very stimulating way in a narrative paper by Ferguson and Johnson (2009). In the whole of the year between September 2007 and September 2008 the Federal Reserve, jointly with other private financial institutions, participated in the so-called shadow bailout.
This increase, however, has not affected the supply of credit. Strangely enough M1 is bigger than broad money aggregates (Keen, 2009). The data on commercial and industrial loans, which are strongly decreasing, confirm this point. The reason is that the demand for credit supply is missing. In the US, the lack of demand may be explained by the fact that the households are saving more to pay past debts, and investment has not started to grow again after the crisis. Thus, all the liquidity goes to the giant financial institutions generated by the disorderly rescues made up during the crisis, which may speculate again on anything from the weak European states’ debts to commodity and raw materials prices.
This will be achieved by attributing to the ESAs a set of tasks and powers, which will be conducive essentially to (1) a single EU rulebook for market participants, (2) better coordination at the EU level between national supervisors, and Pedro Gustavo Teixeira 17 (3) an enhanced ability of the EU as a whole to respond to a financial crisis. The establishment of a European Systemic Risk Board The crisis emerged and developed as a result of the increasing relevance of innovation, as well as the increasingly close links between systemic risk (stemming from structural developments such as financial integration) and financial (between the financial system and the real economy in Europe).