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More Than One Step to Financial Stability

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  • Garry Schinasi

Abstract

Visiting Scholar Garry Schinasi examines the European proposals for the creation of both a European Systemic Risk Board (ESRB) to oversee macroprudential regulation and a European System of Financial Supervision (ESFS) to strengthen microprudential supervision. He argues that structural vulnerabilities of this regulatory framework need to be addressed to ensure that the early-warning systems will be adequate to avoid future crises. Specifically, Schinasi points to the fact that the ESRB lacks binding powers to enforce regulation as well as the lack of a legislative framework to resolve the insolvency of systemically important financial institutions (SIFIs).

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  • Garry Schinasi, 2009. "More Than One Step to Financial Stability," Policy Briefs 357, Bruegel.
    • Handle: RePEc:bre:polbrf:357
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