The European Monetary Institute has been working with national central banks of the European Union (EU) to prepare instruments for the operation of monetary policy in Stage 3 of European Economic and Monetary Union. Several publications describing the proposed arrangements have been issued. This...

To mitigate the risks of contagion from problems arising in the banking sector, many countries operate some form of banking sector safety net. Such safety nets generally involve a judicious mixture of transparency and ambiguity. This ambiguity may be important to counter moral hazard effects but...

Recapitalizing banks in a systemic crisis is a complex medium-term process that requires significant government intervention and careful management at both the strategic and individual bank levels. This paper highlights the range of operational and strategic issues to be addressed and the...

Like most transition economies, Bulgaria, Lithuania, and Mongolia suffered severe banking crises, which had to be resolved before growth could resume. The macroeconomic and institutional failings that led to these crises are described, and parallels are drawn with the causes of banking crises in...

This study looks at the first two years of the banking crisis that erupted in Indonesia in late 1997. It finds that the banking sector was weak at the outset, and that governance problems intensified the crisis and seriously delayed its resolution. Although a strategy was put in place over the...

Cover -- EDITORIAL ADVISORY BOARD -- Policy responses to the Great Financial Crisis -- Has regulatory reform been misdirected? -- What happened to global banking after the crisis? -- The impacts of financial regulations: solvency and liquidity in the post-crisis period -- Effectiveness and...

Intro -- Contents -- Foreword -- Acknowledgments -- 1. Introduction -- PART I: ISSUES IN SURVEILLANCE -- 2. Loan Review, Provisioning, and Macroeconomic Linkages -- 3. Domestic Lending in Foreign Currency -- 4. Toward a Framework for Systemic Liquidity Policy -- 5. Emergency Liquidity Support...

From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the...

Contents -- I. Introduction -- II. The GDDS -- A. Promoting the GDDS -- B. Other Relevant International Initiatives -- C. Review of the GDDS -- III. Challenges For The Future -- IV. Conclusions -- References