After the Financial Crisis
Edited by Sylvester Eijffinger and Donato Masciandaro
Pierre C. Boyer and Jorge Ponce1 Introduction A series of reform proposals that have been envisaged since the subprime crisis started aim to concentrate regulatory and supervisory powers in the hands of central banks. For example, the Bank of England has received new responsibilities for guarding the overall system’s stability, i.e., ‘macro-prudential supervision’. Yet, the Conservative Party, now in office, has adopted as policy the investiture of full responsibilities to the Bank of England for the prudential oversight of all individual financial institutions, i.e., ‘microprudential supervision’ (see The Conservative Party, 2009). The US Federal Reserve System is accumulating huge control over the economy and banks. The Restoring American Financial Stability Act of 2010 gives the Federal Reserve primary responsibilities for supervising all firms that could pose a threat to financial stability in addition to its responsibilities for monitoring the operations of holding companies – including traditional banks – and for protecting consumers. 1 The views expressed herein are those of the authors and do not necessarily represent the views of the institutions to which they are affiliated. The authors would like to thank the Editors Donato Masciandaro and Sylvester Eijffinger, as well as Germán Cubas, Umberto Della Mea, Alvaro Forteza, Diego Gianelli, Hans Peter Grüner, Friedrich Heinemann, Gerardo Licandro, José Antonio Licandro, David Martimort, Marc Rennert, and Leandro Zipitría for their valuable comments on earlier versions of this chapter. Boyer gratefully acknowledges the Collaborative Research Center 884 for financial support. Boyer is also grateful for the hospitality of the...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.