- Additional Authors
- Description
- 45 p.; 21 x 29.7cm.
- Summary
- Financial innovation and integration have spurred financial development and enhanced consumer choice. Financial integration has also been associated with the emergence of large, complex, cross-border financial institutions (LCFIs). This has changed risk profiles and made cross-border contagion more likely. An important challenge for the EU is to manage systemic risks and cross-border contagion to ensure financial stability in an integrated financial market. The financial market turmoil has also highlighted some gaps in the regulatory and supervisory framework. Although the European authorities should be commended for the progress they have made in updating and improving frameworks and responding to the financial turmoil, more can be done. In particular, further steps are needed to remove the mismatch between integrating European financial markets on the one hand, and largely national supervision on the other. Attention should also be given to the question of which measures are adequate to dampen the procyclicality of the financial system. New regulations should not impose unnecessary costs on consumers, businesses and financial institutions, nor create obstacles to further market integration.
- Series Statement
- OECD Economics Department Working Papers, 1815-1973 ; no.670
- Uniform Title
- OECD Economics Department Working Papers, no.670.
- Subject
- LCCN
- 10.1787/226578225340
- OCLC
- oecd-lib-000723
- Author
Lawson, Jeremy.
- Title
Financial Market Stability in the European Union [electronic resource]: Enhancing Regulation and Supervision / Jeremy Lawson, Sebastian Barnes and Marte Sollie
- Imprint
Paris : OECD Publishing, 2009.
- Series
OECD Economics Department Working Papers, 1815-1973 ; no.670
OECD Economics Department Working Papers, 1815-1973 ; no.670.
- Connect to:
- Indexed Term
Economics
European Union
- Added Author
Barnes, Sebastian.
Sollie, Marte.
- Other Standard Identifier
10.1787/226578225340 doi