Zusammenfassung
In der Folge der Finanzkrise von 2007-2008 entwickelte sich ein breiter Konsens darüber, dass das Finanzsystem eine gute, funktionale und integrierte Infrastruktur benötigt, insbesondere einen soliden und konsitenten Regulierungs- und Aufsichtsrahmen. Die Funktionalität der Infrastruktur wiederum hängt im Gegenzug entscheidend von solider und nachhaltiger Wirtschaftspolitik auf nationaler und internationaler Ebene ab. Dieser Beitrag soll einen kurzen, kritischen Überblick über den Stand der Implementierung von Finanzmarktreformen auf beiden Seiten des Atlantik geben. Dabei wird der ganzheitliche Ansatz des de Larosière-Berichts aufgenommen, die Konsequenzen der neuen Basel-Standards für die Finanzstabilität werden untersucht und die Defizite und Gefahren der ihnen zu Grunde liegenden theoretischen Modelle einer kritischen Betrachtung unterzogen. Der hier vorgestellte analytische Rahmen, der auf der Unterscheidung zwischen exogenem und endogenem Risiko beruht, wird genutzt, um die Interaktion zwischen Krisen im staatlichen und im Bankensektor in der WWU der zu verstehen. Die zwei Irrtümer hinter den Fiskal- und Regulierungspolitiken, welche die Aussichten auf eine Erholung der Eurozone gefährden, werden beleuchtet und Möglichkeiten aufgezeigt, um den Destablisierungskreislauf zu durchbrechen.
Abstract
In the aftermath of the 2007-2008 financial crisis, a wide consensus developed on the idea that the global financial system requires a good, well-designed and integrated infrastructure, notably a sound and consistent regulatory and oversight framework. The well-functioning of the infrastructure depends, in turn, on sound and sustainable economic policies at national and international level. The aim of this paper is to provide a brief critical survey of the state of implementation of financial systems reforms on the two sides of the Atlantic, adopting the holistic approach of the de Larosière Report. The implications for financial stability of the new Basel standard approach are examined and the shortcomings and dangers of underlying risk models critically assessed. The analytical framework presented, based on the distinction of exogenous vs. endogenous risk, is used to interpret the interaction of sovereign and banking stresses in the Eurozone. The two fallacies of composition behind fiscal and regulatory policies, which undermine recovery prospects in the area, are explored, and ways and means to break the destabilising loop are suggested.
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Masera, R. Risk, Regulation and Supervision of Financial Systems: US and Eurozone Solutions. Z öffentl Recht 67, 253–282 (2012). https://doi.org/10.1007/s00708-012-0136-4
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DOI: https://doi.org/10.1007/s00708-012-0136-4