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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, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 30 November 2021

Financial Market Regulation in Europe

Financial Market Regulation in Europe

Chapter:
(p.9) 2 Financial Market Regulation in Europe
Source:
The Continuing Evolution of Europe
Author(s):

Paul De Grauwe

Frank Westermann

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262017015.003.0002

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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