Cover IMF Working Papers
The Lender of Last Resort in the European Single Financial Market
Author: Pedro Gustavo Teixeira and Mr. Garry J. Schinasi
Series:
IMF Working Papers
Volume/Issue:
Volume 2006: Issue 127
Language:
English
Publication Date:
01 May 2006
DOI:
https://doi.org/10.5089/9781451863871.001
ISBN:
9781451863871
ISSN:
1018-5941
Pages:
23
Keywords:
WP; central bank; market; banking group; EU market liquidity
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU's financialstability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU member state. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund