This collection offers a comparative overview of how financial regulations have evolved in various European countries since the introduction of the single European market in 1986. It includes a number of country studies which provides a narrative of the domestic financial regulatory structure at the beginning of the period, as well the means by which the EU Directives have been introduced into domestic legislation and the impact on the financial structure of the economy.
In particular, studies highlight how the discretion allowed by the Directives has been used to meet the then existing domestic conditions and financial structure as well as how they have modified that structure. Countries covered are France, Germany, Italy, Spain, Estonia, Hungary and Slovenia. The book also contains an overview of regulatory changes in the UK and Nordic countries, and in post-crisis USA. This comparative approach raises questions about whether past and more recent regulatory changes have in fact contributed to increase financial stability in the EU.
The comparative analysis provided in this book raises questions on whether the past and more recent changes are contributing to increase the financial stability and efficiency of individual banks and national financial systems. The crisis has demonstrated the drawbacks of formulating the regulatory framework on standards borrowed from the best industry practices from the large developed countries, originally designed exclusively for large global banks, but now applied to all financial institutions.
1. Introduction, Jan Kregel, Mario Tonveronachi, Rainer Kattel 2. Financial Regulation in France, Christophe Blot, Jérôme Creel, Anne-Laure Delatte, Fabien Labondance, Sandrine Levasseur 3. Financial Regulation in Germany, Daniel Detzer, Hansjörg Herr 4. Financial Regulation in Italy, Giampaolo Gabbi, Massimo Matthias, Pietro Vozzella 5. Financial Regulation in Spain, Santiago Carbo-Valverde, Francisco Rodriguez-Fernandez 6. Financial Regulation in Estonia, Egert Juuse 7. Financial Regulation in Hungary, Judit Badics, Károly Miklós Kiss, Zsolt Stenger, Szabolcs Szikszai 8. Financial Regulation in Poland, Paweł Marszałek, Alfred Janc 9. Financial Regulation in Slovenia, Joze Menciger 10. The United Kingdom from the Big Bank to Post-Crisis Reforms, Elisabetta Montanaro 11. Crisis Management: The 1990s Experience of the Nordic Countries, Elisabetta Montanaro 12. Post-Crisis International Regulatory Standards and their Inclusion in the European Framework, Mario Tonveronachi
The 2007-8 Banking Crash has induced a major and wide-ranging discussion on the subject of financial (in)stability and a need to revaluate theory and policy. The response of policy-makers to the crisis has been to refocus fiscal and monetary policy on financial stabilisation and reconstruction. However, this has been done with only vague ideas of bank recapitalisation and ‘Keynesian’ reflation aroused by the exigencies of the crisis, rather than the application of any systematic theory or theories of financial instability.
Routledge Critical Studies in Finance and Stability, edited by Jan Toporowski from SOAS, University of London covers a range of issues in the area of finance including instability, systemic failure, financial macroeconomics in the vein of Hyman P. Minsky, Ben Bernanke and Mark Gertler, central bank operations, financial regulation, developing countries and financial crises, new portfolio theory and New International Monetary and Financial Architecture.