The new financial architecture in the Eurozone
Title: The new financial architecture in the Eurozone
Citation: Florence : European University Institute, 2015, RSCAS, Florence School of Banking and Finance
ISBN: 9789290842972; 9789290842965
The logic, features and future shape of the new financial architecture of the Eurozone were discussed under Chatham House Rules on the occasion of a high-level conference hosted in Florence on 23 April 2015, by the European University Institute in cooperation with Imperial College London. The conference was attended by central bankers, EU policy- makers, members of the financial industry as well as by academics. The following key conclusions came out from the discussion: 1. Despite its incomplete nature, the Banking Union represents a great achievement in terms of financial stability control, thus ensuring a more resilient euro area. 2. By contrast, the exact objective, scope and institutional capabilities of the Capital Markets Union remain a puzzle to many participants. 3. Risks of regulatory fragmentation arising between the European Union and the Euro Area are somewhat exaggerated, it was overall felt. The existence of European platforms such as the European System of Financial Supervision (ESFS) acts as a safeguard to the integrity of the single market.
Table of Contents:
-- The Contributors - vii -- Acknowledgements - xvii -- Preface - xix -- Executive Summary - 1, Pierre Schlosser -- Opening Remarks - 7, Brigid Laffan -- Rethinking Banking Supervision and the SSM Perspective - 9, Speech by Ignazio Angeloni | Member of the Supervisory Board of the European Central Bank -- PART I - 23 -- Is the Banking Union Stable and Resilient as it Looks? The Banking Union and Beyond - 25, Andrea Colombo and Mario Nava -- The Banking Union: State Guarantees and Defeasance Structures - 43, Natacha Valla -- Financial Stability and integration in the Banking Union - 55, Christos Hadjiemmanuil -- Is the Banking Union as Stable and Resilient as it Looks? - 89, Viral V. Acharya and Sascha Steffen -- PART II - 105 -- Is a Capital Market Union Needed?, A Capital Market Union: A Few Thoughts - 107, Giovanni Dell’Ariccia -- Does Europe Need a Capital Market Union? And How Would We Get There? - 115, Thorsten Beck -- Evaluating the 2013 Euro CAC Experiment - 123, Elena Carletti, Paolo Colla and Mitu Gulati -- Capital Markets Union and Small and Medium-Sized Enterprises (SMEs): A Preliminary Assessment - 137, Pierre Schammo -- PART III - 177 -- Single Market versus Eurozone Single Market vs. Eurozone: financial stability and Macroprudential Policies - 179, Carmelo Salleo -- The Banking Union from an Outside Perspective - 207, Kasper Roszbach -- The EU and the Eurozone - 215, Harold James
Based on a conference entitled “The New Financial Architecture in the Eurozone” organised by the European University Institute (EUI) and the Brevan Howard Centre, Imperial College London and held at the EUI in Florence, Italy, on 23 April 2015.
Type of Access: openAccess