预防欧洲的下一次银行危机

随着美国次贷灾难的冲击波继续产生影响,人们也越来越怀疑欧洲到底有没有能力应对大规模的金融危机。德国、英国、也许还有法国在银行监管领域所犯下的严重错误已经损害了国家监管体系的公信力。但这还只是部分问题。欧洲联盟在处理尚未爆发的危机方面准备依然严重不足:欧洲各银行间越来越多的相互依赖随时可能引发跨国危机。

欧盟的金融一体化进程于20世纪80年代如火如荼的展开,而欧盟委员会和欧洲理事会在金融改革领域则大踏步地向前迈进。里程碑式的事件是1986-1988年取消所有与资本跨境流动有关的限制,以及1999年金融服务立法行动计划的实施。欧元被成功地引入,并迅速成为继美元之后的世界第二大货币。

还有一点或许没那么明显,那就是欧盟在2000-2002年度采用国际财务报告准则的决策引发了全球会计准则一体化的特别行动。与此同时,欧盟委员会坚决维护银行业竞争的态度——特别是在葡萄牙、德国、意大利和波兰——结束了披着谨慎调控外衣的保护主义,而正是这样的举措刺激了跨境金融一体化在发达国家中史无前例的展开。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/kX5r7yX/zh;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.


    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?


    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now