Year: 2016
Type: preprint
Abstract: Previous chapters have addressed the need for a a different policy mix in\nEurope, with a greater emphasis on fiscal policy and for policies to address\nimbalances within, in particular, the Euro Area. There is a third economic policy\narea in which reform is under way, but in Europe needs to intensify its efforts\nand make careful, evidence-based choices: finance. The specific features and\ndysfunctionalities of economic governance in Europe have exacerbated the\ncrisis but this, it should not be forgotten, was originally triggered by problems\nin the financial sector. Since then national governments, not only in Europe but\nacross the world, have been struggling to establish a sensible regulatory framework\nfor the financial sector, one that permits, even promotes, low-cost lending\nfor real investment and maintains an efficient payments system, while avoiding\nthe pathologies that have caused instability and rising inequalities. Because of\nthe transnational nature of the financial sector, the EU-level has also been\nheavily involved in developing the regulatory framework. The two main\n“building sites” are Banking Union, on which considerable progress has already\nbeen made, and the incipient Capital Markets Union.\nIn this concluding chapter we first consider the problem of non-performing\nloans and discuss the policy options availbe for addressing the problem. We\nthen turn to Capital markets Union, describing the initiatives under discussion,\nwith a focus on proposals to reactivate the securitization market in Europe.
Authors: Georg Feigl, Markus Marterbauer, Miriam Rehm, Matthias Schnetzer, Sepp Zuckerstätter, Lars Nørvang Andersen, Thea Nissen, Signe Dahl, Peter Hohlfeld, Benjamin Lojak, Thomas Theobald, Achim Truger, Andrew Watt, Guillaume Allègre, Céline Antonin, Christophe Blot, Jérôme Creel, Bruno Ducoudré, Paul Hubert, Sabine Lebayon, Sandrine Levasseur, Hélène Périvier, Raul Sampognaro, Aurélien Saussay, Vincent Touzé, Sébastien Villemot, Xavier Timbeau
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2806136041