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Quelles leçons avons-nous apprises de la crise financière ?

Author

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  • Erkki Liikanen

Abstract

The relationship between monetary policy and financial stability is reciprocal: financial stability will facilitate successful monetary policy and vice versa. There is now a growing consensus that the most important part of stability policy is crisis prevention. It is important that excessive growth of credit and indebtedness can be better controlled in the future. This would benefit from structural reform of the banking system, including the separation of the riskiest investment from deposit banking. However, structural reform of banks is a complement, not a substitute for other regulatory improvements. For central banks, the development of macro-prudential policies and instruments is especially relevant. These instruments operate so close to monetary policy that central banks should be closely involved in their use. Classification JEL: E58, F36, G01, G21, G28.

Suggested Citation

  • Erkki Liikanen, 2013. "Quelles leçons avons-nous apprises de la crise financière ?," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 111-124.
    • Handle: RePEc:cai:refaef:ecofi_112_0111
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    Cited by:

    1. Nathalie Audigier, 2021. "Chapitre : Les Effets Potentiels Des Transformations Du Secteur Bancaire Et De L'Expansion Du Numérique Sur Le Bien-Être," Post-Print hal-03143880, HAL.

    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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