Overview

COVID-19 and other recent crises have proved the need to review the state-of-play and implement robust institutional frameworks in the complex, heterogenous and decentralised European supervisory architecture. This insightful book outlines what can be done to innovate the current set-up in the face of pressing issues such as climate change, BigTech and crypto assets. Revisiting the debate on financial sector oversight in Europe, a range of highly acclaimed international academics and influential policymakers discuss the scope of institutional arrangements. Chapters examine how the architecture of European financial supervision currently works, analysing the trends in banking supervision design and the influence that recent financial and economic crises have exerted. Providing a rare insight into the role that central banks play in the supervisory set-up, their accountability and democratic legitimacy, the book also considers the ways that macro- and micro-prudential and monetary policies interact. Gleaning lessons from the FinTech revolution and the COVID-19 crisis, the book ultimately concludes by seeking a path for optimal architecture for European financial supervision. With invaluable industry insights, this cutting-edge book will prove vital to academics in the field of financial economics and financial regulation, alongside policymakers looking to transform their current supervisory architecture.

Full Product Details

Author:   Robert Holzmann ,  Fernando Restoy
Publisher:   Edward Elgar Publishing Ltd
Imprint:   Edward Elgar Publishing Ltd
Dimensions:   Width: 15.60cm , Height: 1.50cm , Length: 23.40cm
Weight:   0.666kg
ISBN:  

9781802208887

ISBN 10:   1802208887
Pages:   252
Publication Date:   07 October 2022
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Contents: 1 Introduction to Central Banks and Supervisory Architecture in Europe 1 Robert Holzmann and Fernando Restoy PART I TRENDS IN EUROPEAN BANKING SUPERVISION DESIGN 2 The puzzle of Europe's banking union: progress and missing pieces 14 Thorsten Beck 3 Supervisory architecture in the EU: where should we go from here? 21 Fernando Restoy 4 The architecture of supervision and prudential policy 34 Angela Maddaloni and Alessandro Scopelliti 5 Trends in European banking supervision design: is there a path to an optimal architecture for financial supervision in the EU? 49 Luis Silva Morais PART II THE ROLE OF CENTRAL BANKS (I): ASPECTS OF MONETARY AND MACROPRUDENTIAL POLICY INTERACTION 6 Can macroprudential tools ensure financial stability? 62 Anne Epaulard 7 The interaction of monetary and financial tasks in different central bank structures 71 Aerdt Houben, Jan Kakes and Annelie Petersen 8 Monetary and macroprudential policies: a troubled marriage 83 Phurichai Rungcharoenkitkul 9 The architecture of macroprudential policy: delegation and coordination 96 Charles Bean 10 Governance of financial sector policies in an era of climate change 108 Daniel C. Hardy PART III THE ROLE OF CENTRAL BANKS (II): MICROPRUDENTIAL SUPERVISION AND FINANCIAL STABILITY 11 Entrusting central banks with microprudential supervision: implications for financial stability 122 Anca Maria Podpiera 12 Is this time different? Synergies between ECB's tasks 135 Karin Hobelsberger, Christoffer Kok and Francesco Paolo Mongelli 13 Money, supervision, and financial stability: a money-credit constitution entrusted to independent but constrained central banks 156 Paul Tucker 14 Politicians, central banks and macroprudential supervision 170 Donato Masciandaro PART IV THE FINTECH REVOLUTION: IMPLICATIONS FOR OPTIMAL SUPERVISORY ARCHITECTURE 15 Regulating and supervising BigTech in finance 181 Jose Manuel Gonzalez-Paramo 16 The emerging autonomy-stability choice for stablecoins 194 Maarten R. C. van Oordt PART V LESSONS FROM THE COVID-19 CRISIS FOR THE OPTIMAL SUPERVISORY ARCHITECTURE 17 Some lessons from COVID-19 for the EU financial framework 206 Ignazio Angeloni 18 Central banks as emergency actors: implications for governance arrangements 218 David Archer Index

Reviews

'This volume provides a comprehensive and indispensable opportunity to take stock on the achievements and challenges of European banking supervision after the momentous reforms of the early 2010s, and on the related debates about financial supervisory architecture. While the complexity may at times appear dizzying, it is an important story whose policy lessons have relevance well beyond the boundaries of the euro area and European Union.' -- Nicolas Veron, Bruegel, Belgium and the Peterson Institute for International Economics, US

‘This volume provides a comprehensive and indispensable opportunity to take stock of the achievements and challenges of European banking supervision after the momentous reforms of the early 2010s, and on the related debates about financial supervisory architecture. While the complexity may at times appear dizzying, it is an important story whose policy lessons have relevance well beyond the boundaries of the euro area and European Union.’ -- Nicolas Véron, Bruegel, Belgium and the Peterson Institute for International Economics, US

Author Information

Edited by Robert Holzmann, Governor, Oesterreichische Nationalbank, Austria and Fernando Restoy, Chair, Financial Stability Institute, Bank for International Settlements, Switzerland

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