Munich Personal RePEc Archive

An Appraisal of the European response to the financial crisis of 2008

Innocenti, Isabella (2018): An Appraisal of the European response to the financial crisis of 2008. Published in: Asian Journal of Political Economy No. Winter (1 December 2018): pp. 211-219.

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Abstract

Faced with the effects of the financial crisis on its financial markets, its banking sector and its economy, Europe did not remain inactive. The European Central Bank (ECB) intervened several times to calm tensions in the interbank market. Public resources were used to support activity and recapitalize institutions close to bankruptcy in some exposed countries. At Community level, the lessons of the crisis must also be drawn: by ensuring the transparency of the banks' liabilities and their exposure to the risks associated with securitization; by better structuring the derivatives markets; by modifying the rules applicable to the rating agencies; strengthening banking supervision at Community level, in particular for institutions operating in more than one Member State of the European Union (EU).

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