The financial crisis has dramatically demonstrated that the increasing role of cross-border financial intermediaries in the Eu has not been supported by adequate pan European supervision.The aim of the paper is to focus on the shortcomings of supervision in the Eu, and then to review the recent...

Monetary policy actions taken over the past three years were key in preventing a financial meltdown. Empirical evidence suggests that central bank bond purchase programmes were effective in lowering bond yields and supporting economic activity. Nevertheless policymakers also need to bear in mind...

In times of extraordinary financial markets tensions, the Ecb can make use of unconventional monetary policy that are by definition exceptional and temporary in nature. These measures aim to preserve credit flows to the euro area economy and to introduce new liquidity management instruments

The development of a long lasting relationship between banks and firms requires greater cooperation between the two parties, which must be based on transparency, availability of the right quantitative and qualitative information, the correct and complete use of these information by banks, in...

Establishing a European Banking Union offers clear opportunities: to break bank-fiscal interactions, national supervisory silos and home biases, to reduce fragmentation and improve single market, to stabilize the euro. Nonetheless it involves also risks related to the crisis management...