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The EU institutional reaction to the Euro-area sovereign debt problems has focused in particular on the new architecture designed to avert a financial crisis. This architecture is made up of (i) the European Financial Stabilization Mechanism (EFSM), an EU financial assistance feature available to all 27 member states, (ii) the European Financial Stabilization Facility (EFSF), a temporary credit-enhanced SPV with minimal capitalization
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More needs to be done to ensure accountability, independence, transparency and integrity of the various actors of the financial system safety net. This article discusses the roles and responsibilities of the various agencies that are part of the financial system safety net, and it sets out a framework for the decision-making process for these actors in the management of a financial crisis.
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The financial market outlook and risks as well as the impact of regulatory reforms on the financial sector were the topics discussed at the October 2011 OECD Financial Roundtable. Concerns about the current situation in financial markets were centred on the sovereign debt and banking crisis in Europe and its repercussions in other parts of the world. Many participants felt that policy makers had not been doing enough to address the
These articles were prepared for a symposium on bank failure resolution and crisis management which focused, in particular, on the use of guarantees and the spill-overs between the credit qualities of sovereigns and banking systems.
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This article focuses on the interconnections between the value of sovereign and banking debt that are created through sovereign guarantees for the bank debt. It proposes a method to price debt guarantees when the sovereign providing the guarantee can itself be risky.
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The government guarantees on bank bonds adopted in 2008 in many advanced economies to support the banking systems were broadly effective in resuming bank funding and preventing a credit crunch. The guarantees, however, also caused distortions in the cost of bank borrowing. Their reintroduction might help alleviate the current pressures on banks caused by the sovereign debt crisis, but the pricing mechanism should ensure a level
This project examines how policies can support the integration of small and medium-sized enterprises (SMEs) into global value chains through creating and exploiting linkages between SMEs and Foreign Direct Investors (FDI). It involves assessments of current conditions and opportunities in three regions of Kazakhstan and makes recommendations for policy actions at national and local levels.
This symposium proceedings examines three aspects of financial education: monitoring and evaluation, use of behavioral economics, and financial literacy and defined contribution pension plans.
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The report assess the potential impact of a crisis in the banking sector on public finances in four selected EU Member States and finds that in two of them governments are likely to have to cover losses generated in the banking system.
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While neither the legal nor institutional framework in Germany were adequate for dealing with stressed banks in the recent financial crisis, the newly established Federal Agency for Financial Market Stabilisation fills that gap. Initially focusing on rescuing banks, that agency now focuses on restructuring them.