Financial Stability in European Economic and Monetary Union.

The potential impact of the new institutional framework for EMU financial policymaking might have on the ability of European policymakers to ensure financial stability and manage financial crises within is the subject of this study. It focuses, in particular, on the allocation of lender-of-last-resort (LOLR) and banking-supervision responsabilities among the European Cnetral Bank (ECB) and the national central banks (NCBs), national supervisors, and national treasuries of the eleven member countries.