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Competition, stability and moral hazard: the tension between financial regulation and State aid control

In: Research Handbook on State Aid in the Banking Sector

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  • Joanna Gray
  • Francesco de Cecco

Abstract

This chapter explores the challenges presented by the interplay between State aid control and financial regulation. While, during the financial crisis, State aid law and policy demonstrated remarkable openness towards the conceptual toolkit of financial regulation, the uncertain contours of concepts such as systemic risk and moral hazard affected the degree of congruence between theory, policy and practice. What is more, the presence of multiple regulatory objectives tended to present the European Commission with some difficult trade-offs in attempting to pursue stability, the prevention of moral hazard and the preservation of lending to the real economy simultaneously, while attempting to minimize distortions of competition.

Suggested Citation

  • Joanna Gray & Francesco de Cecco, 2017. "Competition, stability and moral hazard: the tension between financial regulation and State aid control," Chapters, in: François-Charles Laprévote & Joanna Gray & Francesco De Cecco (ed.), Research Handbook on State Aid in the Banking Sector, chapter 2, pages 20-53, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:15935_2
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    Keywords

    Economics and Finance; Law - Academic;

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