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The Continuing Evolution of Europe$
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Thiess Buettner and Wolfgang Ochel

Print publication date: 2011

Print ISBN-13: 9780262017015

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262017015.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 20 May 2022

Financial Market Regulation in Europe

Financial Market Regulation in Europe

(p.9) 2 Financial Market Regulation in Europe
The Continuing Evolution of Europe

Paul De Grauwe

Frank Westermann

The MIT Press

This chapter considers recent developments in financial markets in Europe and highlights forms of systemic risk in the banking system. It addresses two policy questions: What is an appropriate short-term response to the current financial crisis? And how can the financial sector be reformed to reduce its vulnerability to financial crises in the future? Two long-term policy options are considered: strengthening the Basel Treaty and returning to narrow banking—that is, to the Glass–Steagall Act approach. At the end of the chapter, the European proposals for reform are discussed.

Keywords:   European financial markets, financial crisis, banking systems, banking regulation, Basel Treaty, narrow banking, Glass–Steagall Act, financial reform

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