Crisis Management and Resolution for a European Banking System

Crisis Management and Resolution for a European Banking System
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Volume/Issue:
2010/62
Series:
IMF Working Papers
Author(s):
Alessandro Giustiniani, Wim Fonteyne, Wouter Bossu, Alessandro Gullo, Seán Kerr, Daniel Hardy, and Luis Cortavarria-Checkley
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
March 2010
DOI:
http://dx.doi.org/10.5089/9781451982695.001
ISBN:
9781451982695
ISSN:
1018-5941
Page:
0
This paper proposes an integrated crisis management and resolution framework for the EU's single banking market. It comprises a European Resolution Authority (ERA), armed with the mandate and the tools to deal cost-effectively with failing systemic cross-border banks, and is designed to address many fundamental operational and incentive problems. It also seeks to reduce moral hazard and better protect countries against the risk of twin fiscal-financial crises by detaching banks from government budgets. The ERA would be most effective if it were twinned or combined with a European Deposit Insurance and Resolution Fund
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