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By Pompeo Della Posta, Leila Simona Talani

The worldwide monetary and fiscal predicament has led to many results which are nonetheless tricky to interpret univocally. This booklet reports the results of the trouble on Europe by way of interpreting the results at the eu institutional setup, governance and structure and by way of learning intimately different member nations.

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This move towards federalization of monetary policy was based on the realization – diagnosed in the 1989 Delors Report – that the development of the single market necessitated more effective coordination of economic policy between national authorities, as there was a fundamental incompatibility between (i) full freedom of capital, (ii) freedom to provide cross-border financial services, (iii) fixed exchange rate under ERM and (iv) autonomous monetary policy. See Padoa-Schioppa (1997). 11. Harmonization should also include include the legal framework for the safeguarding of financial stability and the management of crises.

They had no right to central bank refinancing. After this first episode the Federal Reserve continued to lower interest rates but it seemed unaware of the fact that lowering the rates did not solve the liquidity problems of the financial institutions that used to finance themselves on the market. The liquidity offered flowed to banks that, however, would not lend it to other financial institutions but rather kept it on their balance sheets as idle or excess reserves. At some point the monetary authorities realized that they had to allow many financial institutions which were not eligible to refinancing to access credit facilities and that they could mobilize excess reserves by ordinary banks offering interest on reserves held at the central banks.

Harmonization should also include include the legal framework for the safeguarding of financial stability and the management of crises. See the Commission’s Communication, An EU Framework for Cross-Border Crisis Management in the Banking Sector, COM(2009) 561 final. 12. The framework was first proposed in a report by a High-Level Group chaired by Alexandre Lamfalussy in 2001. For an overview, see Teixeira (2010). 13. See Schinasi and Teixeira (2006). 14. eu 15. There have been several European initiatives since 2009 putting forward proposals for regulatory reform.

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