Stable finance in an unstable world - Sciences Po Access content directly
Journal Articles Revue de l'OFCE Year : 2016

Stable finance in an unstable world

Georg Feigl
  • Function : Author
Markus Marterbauer
  • Function : Author
Miriam Rehm
  • Function : Author
Matthias Schnetzer
  • Function : Author
Sepp Zuckerstätter
  • Function : Author
Thea Nissen
  • Function : Author
Signe Dahl
  • Function : Author
Peter Hohlfeld
  • Function : Author
Benjamin Lojak
  • Function : Author
Thomas Theobald
  • Function : Author
Achim Truger
  • Function : Author
Andrew Watt
  • Function : Author
Sabine Lebayon
  • Function : Author


Previous chapters have addressed the need for a a different policy mix in Europe, with a greater emphasis on fiscal policy and for policies to address imbalances within, in particular, the Euro Area. There is a third economic policy area in which reform is under way, but in Europe needs to intensify its efforts and make careful, evidence-based choices: finance. The specific features and dysfunctionalities of economic governance in Europe have exacerbated the crisis but this, it should not be forgotten, was originally triggered by problems in the financial sector. Since then national governments, not only in Europe but across the world, have been struggling to establish a sensible regulatory framework for the financial sector, one that permits, even promotes, low-cost lending for real investment and maintains an efficient payments system, while avoiding the pathologies that have caused instability and rising inequalities. Because of the transnational nature of the financial sector, the EU-level has also been heavily involved in developing the regulatory framework. The two main “building sites” are Banking Union, on which considerable progress has already been made, and the incipient Capital Markets Union. In this concluding chapter we first consider the problem of non-performing loans and discuss the policy options availbe for addressing the problem. We then turn to Capital markets Union, describing the initiatives under discussion, with a focus on proposals to reactivate the securitization market in Europe.
Fichier principal
Vignette du fichier
12-2016-feigl-stable-finance-in-an-unstable-world.pdf (655.46 Ko) Télécharger le fichier
Origin : Publisher files allowed on an open archive

Dates and versions

hal-03459080 , version 1 (30-11-2021)



Georg Feigl, Markus Marterbauer, Miriam Rehm, Matthias Schnetzer, Sepp Zuckerstätter, et al.. Stable finance in an unstable world: Chapter 5. Revue de l'OFCE, 2016, IAGS 2017, pp.174 - 209. ⟨hal-03459080⟩
47 View
16 Download


Gmail Facebook X LinkedIn More