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The Case for a European Banking Charter

The Case for a European Banking Charter by Martin Cihák
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Most financial institutions in the European Union (EU) are still based in one country, but a number of large financial institutions (LCFI) have systemic cross-border exposures. The paper explains how, despite much progress, nationally-segmented supervisory frameworks and national accountability for financial stability hinder optimization across borders of banks' operations and efficient and effective LCFI supervision. A full-fledged EU-level prudential regime that operates along-side national regimes--a European Banking Charter (EBC)--could harness market forces to establish a level playing field for financial sector competition, while plugging some significant gaps in Europe's financial stability framework without concentrating excessive powers.
International Monetary Fund; July 2007
34 pages; ISBN 9781452759197
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Title: The Case for a European Banking Charter
Author: Martin Cihák; Jörg Decressin