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Too European To Fail? New E.U. Banking Safety Net Takes Shape

The agreement by E.U. leaders to establish a pan-European supervisory system for banks is an important political breakthrough in the drive to shore up the euro-zone’s financial stability, and by European standards it was reached relatively quickly — just seven months after the idea was first put on the table. Starting in March 2014, the European Central Bank will begin directly supervising all banks in the euro-zone with assets above 30 billion euros ($40 billion), which in practice means about 80% of them. The aim is to provide a far more rigorous oversight for the European banking system than the patchwork of national regulators who are at times prone to domestic political influence. Indeed, the financial crisis in 2007 has exposed the extent to which banking regulation is highly politicized in countries including Spain, where the woes of a handful of savings and loans have plunged the entire nation into crisis and led to the ouster of the head of the central bank. But, as so often ...

agreement authorities billion britain british choice economists europe european german germany imf influence institutions london mechanism nation pan-european policy practices preoccupation regulations spain sparkassen stability supervision sweden

Found more than 1 month ago on channel TIME Moneyland

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Too European To Fail? New EU Banking Safety Net Takes Shape

The agreement by EU leaders to establish a pan-European supervisory system for banks is an important political breakthrough in the drive to shore up the euro-zone’s financial stability, and by European standards it was reached relatively quickly — just seven months after the idea was first put on the table. Starting in March 2014, the European Central Bank will begin directly supervising all banks in the euro-zone with assets above 30 billion euros ($40 billion), which in practice means about 80% of them. The aim is to provide a far more rigorous oversight for the European banking system than the patchwork of national regulators who are at times prone to domestic political influence. Indeed, the financial crisis in 2007 has exposed the extent to which banking regulation is highly politicized in countries including Spain, where the woes of a handful of savings and loans have plunged the entire nation into crisis and led to the ouster of the head of the central bank. But, as so often in ...

agreement authorities billion britain british choice economists europe european german germany imf influence institutions london mechanism nation pan-european policy practices preoccupation regulations spain sparkassen stability supervision sweden

Found more than 1 month ago on channel TIME Business

Read the full article on TIME Business or check out related articles on tibidy