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determinant of stock price movements. Policy announcements of 21 July of no haircut on any sovereign but Greece appear to be … perceived as credible. The exposure to Greece cannot explain the general and large decline in euro area banks’ market cap … credible solution to Greece and a way forward for the larger institutional set-up, including a federal fiscal back-stop of the …
Persistent link: https://www.econbiz.de/10009463833
The global economic crisis has had a major impact on the economies of EU Member States and on the livelihoods of millions of households. GDP has declined, many businesses are struggling, unemployment has risen sharply. The EU responded with the European Economic Recovery Plan, which encouraged...
Persistent link: https://www.econbiz.de/10009463853
[Introduction]. In December 2008, the European Council agreed on an EU‐wide economic stimulus of “around € 200 billion”. However, this agreement is not very specific in two important respects. First, it is unclear which country is to contribute how much to the roughly €170 billion part...
Persistent link: https://www.econbiz.de/10009463867
[Introduction]. In December 2008, the European Council agreed on an EU‐wide economic stimulus of “around € 200 billion”. However, this agreement is not very specific in two important respects. First, it is unclear which country is to contribute how much to the roughly €170 billion part...
Persistent link: https://www.econbiz.de/10009463869
Now that the worst of the financial storm is over, regulators are setting new strategies to deal with the systemic importance of the €427 trillion ($604 trillion) over-the-counter (OTC) derivatives market. This paper explores the three major sources of disruptive effects in OTC derivatives:...
Persistent link: https://www.econbiz.de/10009463883
There remains considerable confusion as to how exactly the MiFID and UCITS directives will interact in the long run. This uncertainty reflects the growing pains of a regulatory transformation that represents no less than a tectonic shift from intense and prescriptive product regulation to a more...
Persistent link: https://www.econbiz.de/10009463891
Now that the worst of the financial storm is over, regulators are setting new strategies to deal with the systemic importance of the €427 trillion ($604 trillion) over-the-counter (OTC) derivatives market. This paper explores the three major sources of disruptive effects in OTC derivatives:...
Persistent link: https://www.econbiz.de/10009463898
prices are insufficient to correct Greece’s debt overhang, however. In the case of Greece, a voluntary exchange of existing …
Persistent link: https://www.econbiz.de/10009463927
Executive summary. The financial crisis underscored both the importance of financial supervision, as well as its pre-crisis malfunctioning. In response, substantive reforms have been carried out in Europe and elsewhere. This paper discusses the renewed financial supervision system in Europe,...
Persistent link: https://www.econbiz.de/10009463929
Through Bruegel's role on the Monetary Experts Panel for the European Parliament's Committee on Economic and Monetary Affairs, Bruegel scholars contributed to the Committee's Monetary Dialogue with the European Central Bank meeting on 28 September. In this briefing paper for the Panel, Director...
Persistent link: https://www.econbiz.de/10009463960