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Part I: From Integration to Crisis Management
Author:
Mr. Charles Enoch
Mr. Charles Enoch
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Search for other papers by Mr. Charles Enoch in
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Abstract
From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level—the pendulum of financial integration and fragmentation—and at the micro level—the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking union for the euro area, are also discussed in detail.
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Figure 2.1 An Overview of the European Union Institutions1
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Figure 2.2 The Four-Level Regulatory Approach under the Lamfalussy Process
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Figure 3.1 Net Financial Asset Positions of the Euro Area Periphery in percent of GDP
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Figure 3.2 Net Financial Asset Positions of Emerging European Union countries in Percent of GDP
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Figure 3.3 10-Year Government Bond Spreads vis-à-vis Germany
(percentage points)
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Figure 3.4 Dispersion of 5-Year Credit Default Swap Premiums of Commercial Banks in the Euro Area
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Figure 3.5 Interbank Claims of Euro Area (EA) Monetary Financial Institutions on Other Banks in the EU
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Figure 3.6 Share of Deposits in Foreign-Owned Banks
(in percent)
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Figure 3.7 Share of Loans Booked by Foreign-Owned Banks
(in percent)
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Figure 3.8 Depth of Financial Sectors
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Figure 3.9 Number of Credit Institutions
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Figure 3.10 Global Systemically Important Banks: Total Assets
(June 2012)
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Figure 3.11 Share of Total Bank Assets Booked in the EU
(end 2011)
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Figure 3.12 Non-local Share of Banking System in the United States and Euro Area (1997–2011)
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Figure 3.13 Loans from Resident and Nonresident Banks
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Figure 3.14a Share of Total Bank Assets Booked in the EU
(end 2011)
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Figure 3.14b Stock Market Capitalization in the U.K. and Rest of the EU, 1990–2010
(in trillions of U.S. dollars)
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Figure 3.15 Sovereign Bond Spreads on German Bonds against Current Account/GDP
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Figure 3.16 Sovereign Bond Spreads on German Bonds against Gross Government Debt/GDP
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Figure A3.1 Interbank Assets of Euro Area (EA) Banks
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Figure A3.2 Securities Other than Shares Held by Euro Area (EA) Banks
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Figure A3.3 Loans to Non-Monetary Financial Institutions by Euro Area (EA) Banks
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Figure A3.4 Shares and Equities Held by Euro Area (EA) Banks
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Figure 4.1 Spillovers from the Sovereign to the Banks and Banks to Sovereign
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Figure 4.2 Eurozone Periphery Average Sovereign CDS, Bank CDS, and Bank FVCDS
(Basis points, average 5-year spreads).
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Figure 4.3 Relationships between Contingent Claims Analysis Capital Ratio (CCACR), Expected Default Frequency (EDF), fair-value credit default swap (FVCDS), and Expected Loss Ratio for a Typical Bank
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Figure 4.4 Comparison of Ratings, Spreads, and Expected Default Frequencies (EDFs)
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Figure 4.5 Network Measures: Degrees from and to Sovereigns
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Figure 4.6 Italy: Sovereign, Banking System, Corporate Sector Expected Loss, Real GDP Growth, and Credit Growth
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Figure 4.7 Shock Scenario One—Sovereigns’ versus Banks’ Maximum Cumulative Fair-Value Spread Responses
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Figure 4.8 Shock Scenario Two—Sovereigns’ versus Banks’ Maximum Cumulative Fair-Value Spread Responses
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Figure 4.9 Shock Scenario Three—Sovereigns’ versus Banks’ Minimum Cumulative Fair-Value Spread Responses
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Figure 4.10 Shock Scenario Four—Sovereigns’ versus Banks’ Minimum Cumulative Fair-Value Spread Responses
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Figure A4.1 Austria: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.2 Belgium: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.3 Denmark: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.4 France: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.5 Germany: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.6 Greece: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.7 Ireland: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.8 Italy: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.9 Netherlands: Risk Indicators, GDP Growth and Credit Growth
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Figure A4.10 Norway: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.11 Portugal: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.12 Spain: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.13 Sweden: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.14 Switzerland: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.15 United Kingdom: Risk Indicators, GDP Growth, and Credit Growth
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Figure A4.16 United States: Risk Indicators, GDP Growth, and Credit Growth
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Figure 5.1 Total Intra-European Union Foreign Exposure
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Figure 5.2 Market Shares of Foreign Banks in EU Member States, 2011
(In percent)
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Figure 5.3 EU: Current Account Balances
(In percent of GDP for each subgroup)
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Figure 5.4 Selected Emerging European Countries
(Real Private Credit Index)
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Figure 5.5 European Central Bank Monetary Financing Operations vis-à-vis Euro Area Banks
(In billions of euros)
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Figure 6.1 Overview of Financial Structure
(in percent of GDP)
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Figure 6.2 Capital-to-Asset Ratio
(in percent)
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Figure 6.3 Individual EU Bank Core Tier 1 Ratios
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Figure 6.4 Individual EU Bank Buffers
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Figure 6.5 Five-Year Bank Credit Default Swap Spreads
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Figure 6.6 Bank Lending in Selected EU Countries
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Figure 6.7 Met and Unmet Demand for Bank Credit from Small-and Medium-Sized Enterprises
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Figure 6.8 Interest Rate on New Loans to Small- and Medium-Sized Enterprises
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Figure 7.1 Assets of EU and U.S. Banking Groups
(2011, in percent of GDP)
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Figure 7.2 Deleveraging/Restructuring Plans1
(In percent of total assets)
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Figure 7.3 Tier 1 Ratio of EU Banks 2008–121
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Figure 7.4 Nonperforming Loan (NPL) Ratio of EU Banks
(NPLs to Total Loans)
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Figure 7.5 Trends in Nonperforming Loans: Europe versus the United States
(in billions of euros)
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Figure 7.6 Nonperforming Loan (NPL) Ratios (NPLs to Total Loans) Per Country
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Figure 7.7 EU Large Banks Capital-to-Asset Ratio
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Figure 7.8 EU Large Banks: Return on Equity (RoE) Distribution
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Figure 8.1 Financial Integration in the EU
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Figure 8.2 Intermediation Role of the Eurosystem
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Figure 8.3 Funding Markets and Counterparty Risk
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Figure 8.4 Funding Shocks to U.S. Money Market Funds (MMF)
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Figure 8.5 Retail Deposits
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Figure 8.6 Euro Area Bank Domestic and Cross-Border Deleveraging
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Figure 8.7 Factors Contributing to Deleveraging
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Figure 8.8 U.S. Dollar Activities of European Banks
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Figure 8.9 Quantification of the Effects of Banking Stress
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Figure 8.10a Intertwined Bank-Sovereign Stress
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Figure 8.10b Banking Stress and the Real Economy
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Figure 8.11 Exposures to the Domestic Sovereign
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Figure 8.12 Retail Lending Conditions
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Figure 8.13 Access to Finance of Small- and Medium-Sized Enterprises (SMEs)
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Figure 8.14 Constraints on Access to Finance
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Figure 8.15 Bank Lending
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