Financial Market Regulation in Europe
Financial Market Regulation in Europe
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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