Title Euro area policies : 2011 Article IV consultation : lessons from the European financial stability framework exercise, and selected issues paper / prepared by staff of the Monetary and Capital Markets, European, and Legal Depts

Published Washington, D.C. : International Monetary Fund, ©2011

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Description 1 online resource (145 pages) Series IMF country report ; no. 11/186 IMF country report ; no. 11/186. Contents Cover; Contents; Glossary; A; B; C; D; E; F; I; L; M; N; P; S; T; Executive Summary; I. Introduction; II. The EU Financial Stability Infrastructure; A. The European System of Financial Supervisors (ESFS); Boxes; 1. Some Lessons from Recent European FSAP Updates; B. The European Supervisory Authorities; 2. Current Issues in the Supervision of Insurance and Occupational Pensions; C. European Systemic Risk Board; D. Supervisory Colleges; E. The Financial Stability Work of the European Commission; F. Cross-Institution Coordination; III. EU Financial Policy Issues A. Crisis Management and Bank ResolutionB. Financial Stability, State Aid, and Competition; C. Macroprudential Instruments; D. Data Adequacy; E. Direct Regional Supervision: The Rating Agencies; Appendixes; I. Details of Current Institutional Arrangements; II. Supervising the Insurance and Pensions Industries; Annex; I. Institutional and Legal Issues from FSAPs in EU Member States; Contents; I. Financial Integration and Corporate Funding Costs in Europe after the Financial and Sovereign Debt Crisis; A. Introduction; B. Data and Estimation; Tables Table I.1. Panel Estimates of the Effects of Sovereign CDS and Stock Price Developments on Country EffectsC. Conclusion; Figures; Figure I.1. Monthly 5-year Sovereign CDS Premia of Selected Euro Area Countries; Figure I.2. Monthly 5-year CDS Premia of Large Banks in Selected Euro Area Countries; Figure I.3. Monthly 5-year CDS Premia of Telecom Firms in Selected Euro Area Countries; Figure I.4. Estimated Country Effects for Selected Euro Area Countries; References; Appendixes; Appendix I. Data; II. ECB Policy Measures and Euro Area Banks; A. Introduction; B. Methodology and Data Figure II.1. Euro Area Listed Banks: Abnormal and Cumulative Abnormal ReturnsC. Results; D. Conclusions and Policy Implications; Table II.1. Contribution of ECB Policy Measures in Systemic Risk VAR; Table II.2. Panel Regression Estimates of Banks' ROA and Marginal Effects of ECB Policy Measures; Table II.1A: Set of ECB Policy Measures; Table II.2A. Banks in the Sample for the Event Study and Panel Regression; References; III. The European Systemic Risk Board: Effectiveness of Macroprudential Oversight in Europe; A. Introduction; B. Institutional Constraints C. The Need for Effective National Macroprudential Policy FrameworksBoxes; Box 1: Institutional Models; D. The Macroprudential Policy Toolkit; Table III.2A. Macroprudential Instruments Selected by European Countries (Part I); Table III.2B. Macroprudential Instruments Selected by European Countries (Part II); E. The Role of the ESRB in a Financially Integrated EU; F. Conclusion; References; IV. Strengthening Governance in the Euro Area; A. Introduction; B. Economic Systems in the EU and the U.S.: A Brief Comparison; C. Bolstering Economic Integration in the Euro Area; D. Conclusion Summary The European Union's (EU) financial stability framework is being markedly strengthened. This is taking place on the heels of a severe financial crisis owing to weaknesses in the banking system interrelated with sovereign difficulties in the euro area periphery. Important progress has been made in designing an institutional framework to secure microeconomic and macroprudential supervision at the EU level, but this new set-up faces a number of challenges. Developments regarding the financial stability may assist in the continuing evolution of the European financial stability architecture Notes "July 2011." On added t.p.: Euro area policies selected issues, prepared by Thomas Harjes, Nico Valckx, Thierry Tressel, Esther Perez Ruiz, Nandaka Molagoda, and Erlend Nier Bibliography Includes bibliographical references Notes Online resource; title from PDF title page (IMF Web site, viewed December 19, 2011) Subject International Monetary Fund -- European Union countries SUBJECT International Monetary Fund fast Subject Finance -- European Union countries Banks and banking -- European Union countries Banks and banking -- State supervision -- European Union countries Debts, Public -- European Union countries Economic development -- European Union countries Banks and banking Banks and banking -- State supervision Debts, Public Economic development Economic policy Finance SUBJECT European Union countries -- Economic policy European Economic Community countries -- Economic policy. http://id.loc.gov/authorities/subjects/sh89006824 Subject European Union countries Form Electronic book Author Harjes, Thomas, 1969- International Monetary Fund. Monetary and Capital Markets Department. International Monetary Fund. European Department. International Monetary Fund. Legal Department. ISBN 9781463901332 146390133X 1463901356 9781463901356

Other Titles Euro area policies, 2011 Article IV consultation Euro area policies, selected issues

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