2007, and especially in the euro area after 2010. That crisis triggered major changes to European financial regulation and …

the organizational design of supervisory institutions impacts the enforcement of financial regulation. Banks under …

the organizational design of supervisory institutions impacts the enforcement of financial regulation. Banks under …

regulation did not take the "big picture" of the system suffciently into account and, subsequently, financial supervision mainly … "missed the forest for the trees". As a result, the need for macroprudential aspects of regulation emerged, which has recently … macroprudential regulation in creating stable, yet effcient financial systems. At the same time, I emphasize the importance of …

efficient. Implications for welfare and regulation therefore depend highly on the nature of the shocks and the competitiveness …