By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter
In response to a colloquium held by way of SUERF together with the Austrian nationwide financial institution, this e-book addresses the problem of adapting to the calls for of monetary globalisation, a urgent preoccupation of bankers monetary associations and monetary experts.
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Additional resources for Adapting to Financial Globalisation
These developments have consequences for financial stability in several respects. 4 First, through EMU and the resulting increased integration of financial markets and institutions, new channels of contagion and systemic risk may emerge within the euro area. An example is the increasing importance of interbank market transactions, which often lead to large uncollateralized exposures, thereby creating contagion risks. Second, EMU will intensify competition in financial markets. It will affect all market participants both within countries and across European national borders.
So, we have new and exciting challenges ahead of us on the way to European banking consolidation. Saving resources, keeping freedom of maneuver and reaching out towards profitable markets will, as always, remain the key principles of action. Notes 1 The concept of ‘major’ bank is a judgemental concept based on a qualitative assessment, by FITCH IBCA, of a number of quantitative criteria the absolute value of which differs from one country to another. 2 ‘Transactions costs’ refer to the real costs which have to be incurred to operate through the markets.
The Basel Committee was created in the 1970s. It comprises representatives from central banks and banking supervisory authorities in the G-10 countries and Luxembourg. It was this committee that, back in 1988, produced the socalled Basel Accord. This was a report that set out the details of an agreed framework for measuring capital adequacy and the minimum standard to be achieved, which the national supervisory authorities represented on the committee intended to implement in their respective countries.