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Erschienen in:
Why Banks Must Be Supervised? Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

13. What Now?

verfasst von : Damir Odak

Erschienen in: A Political Economy of Banking Supervision

Verlag: Springer International Publishing

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Abstract

What is the purpose of the extreme complexity of the banking rules? It creates a smokescreen for loopholes left there for good purposes. To help banks to finance the economy and abundantly shower homeowners and government with almost free financing. The strategy works well. Banking is stable, interest low, inflation almost non-existent. However, the approach is reasonable only if we are confident that no significant systematic event would happen soon. Summarising earlier chapters, this one tries to offer ways forward in the specific EU regulatory environment. It proposes regulatory reset, not as a radical change of the rules, but through adjustment of the parameters in the existing regulation. The purpose is single-minded, an increase in the resilience of the EU financial system.

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Vorheriges Kapitel European Banking—Yesterday and Today
Nächstes Kapitel Glossary
Fußnoten
1
“So heuristic …they live within the radical uncertainty instead rather than assuming it away. In applying coarse and robust rules, they don't try to capture all the nuances of the possible states and their probabilities. They use simple approaches that are robust to changes…” (Bookstaber, 2017, p. 70).
 
2
Cecchetti, Kohler, and Upper (2009).
 
3
If we look at it from the proposed perspective: “The utility of financial innovation is measured by the degree to which it advances the goal of making payments, allocating capital and handling risk.” (Kay, 2015, p. 6), it is obvious that innovations in the period preceeding crisis were excessive and not useful.
 
4
“Sadly, this was the case in America during the boom years, when regulators stopped regulating, underwriters stopped underwriting, and financial engineering ran amok.” (Blinder, 2013, p. 56).
 
5
Glossary: “The resilience of the alternative regulatory structure” demonstrated difference in risk exposure between high and low capitalised bank.
 
6
Glossary: CRR, large exposures and treatment of commercial real estates.
 
7
In the last few years, many proposals have been made to address the risks that the banking system imposes on society. Very few however, have been implemented. Most proposals have been rejected, diluted, or delayed, some of them endlessly it appears, because the banks have convinced policymakers, regulators and sometimes the courts that the regulations might be too expensive (Admati & Hellwig, 2014, p. 82).
 
8
Glossary: The resilience of the alternative regulatory structure.
 
9
Capital adequacy ratio.
 
10
EBA stress test (2011).
 
11
The curriosuity is that the same bank, Dexia, was already bailed out in October 2009 with 6.4 EUR billion.
 
12
Such outcome is not a consequence of mistakes in stress test procedure. It is fundamental design flaw of the stress test as a tool. The stress test is not main supervisory tool, it does not follow standard procedure of major supervisory tools and publishing its findings on the individual level bear significant risk.
 
13
ECB (2014).
 
14
“Departing from constrained judgement not allowed as a rule” (ECB, www.​bankingsupervisi​on.​europa.​eu, 2019a, 2019b, p. 16).
 
15
ECJ tends towards understanding that supervisor should be explicit, even personal guarantoor (Praag, 2018).
 
16
“…public confidence in the industry is the outcome, not the purpose, of effective regulation.” (Kay, 2015, p. 237).
 
17
High-level Expert Group on Bank Structural Reform (2012).
 
Literatur
Admati, A., & Hellwig, M. (2014). The bankers’ new clothes, Princeton University Press.
Blinder, A. S. (2013). After the music stopped, Penguin Books. ISBN 014312448X.
Bookstaber, R. (2017). The end of theory: Financial crises, the failure of economics and the sweep of human interaction, Princeton University Press. ISBN 9780691169019.
Cecchetti, S. G., Kohler, M., & Upper, C. (2009, September). Financial crises and economic activity. NBER Working Paper.
High-level Expert Group on Bank Structural Reform. (2012). Report of the European Commission’s High-level Expert Group on Bank Structural Reform (Liikanen report).
Kay, J. (2015). Other people’s money, Profile Books. ISBN 978-1781254431.
Metadaten
Titel
What Now?
verfasst von
Damir Odak
Copyright-Jahr
2020
Buch
A Political Economy of Banking Supervision

Print ISBN: 978-3-030-48546-7

Electronic ISBN: 978-3-030-48547-4

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-48547-4_13