Read e-book online Adapting to Financial Globalisation PDF

By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

ISBN-10: 0203995554

ISBN-13: 9780203995556

ISBN-10: 0415252407

ISBN-13: 9780415252409

In keeping with a colloquium held via SUERF together with the Austrian nationwide financial institution, this e-book addresses the difficulty of adapting to the calls for of monetary globalisation, a urgent preoccupation of bankers monetary associations and monetary experts.

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In the EU, where the relevant directives are closely modelled on the principles of the Accord, the decision was made to let this capital regime apply not just to the big internationally active banks, but also to domestic banks and all other regulated credit institutions. Given that the activities of banks and investment firms are to a large degree overlapping, the EU also decided to include investment firms. This widespread adoption of the principles in the 1988 Basel Accord outside the G-10 group of countries creates a special responsibility for the current members of the Basel Committee.

Rogoff, K. (1999), ‘International Institutions for Reducing Global Financial Instability’, Journal of Economic Perspectives, 13(4), 21–42. Rose, A. (2000), ‘One Money, One Market: Estimating the Effect of Common Currencies on Trade’, Economic Policy, 15, 7–46. Vives, X. (1999), ‘Banking Supervision in the European Monetary Union’, Mimeo. 4 A new capital adequacy framework for Europe* Claes Norgren The conjunction of the three themes that will be covered here at this conference is no coincidence.

In this context, it is important to underline that there are no institutional constraints on exchange rate policies during the preaccession period. Any exchange rate regime is feasible during this stage, provided that it contributes to and is embedded in an overall set of policies that is sound and effectively geared toward stability. What really matters is not the exchange rate regime as such, but the consistency and soundness of the policy mix as a whole. Experience shows that stability-oriented policies underpinned by wideranging structural reforms contribute substantially to limiting exchange rate variability.

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Adapting to Financial Globalisation by Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

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