Bericht
The International Monetary Fund's role in the euro-area crisis: Financial sector aspects
The International Monetary Fund (IMF) played a ground-breaking role in understanding the financial-sector dynamics of the euro-area crisis. It was the first public authority, and one of the first more generally, to acknowledge the role of the bank-sovereign vicious circle as the central driver of contagion in the euro area. It was the first public authority to articulate a clear vision of banking union as an essential policy response, building on its longstanding and pioneering support of banking policy integration in the European Union. At national level, the IMF's approach to the financial sector was appropriate and successful in Ireland and Spain, more limited in the Greek Stand-By Arrangement, and less compelling in Portugal where vulnerabilities remained when the country exited the programme. The IMF should further integrate financial-sector policy together with fiscal and macroeconomic issues at the core of its operations, and should devote particular effort to adapting its processes and methodologies to the new context of European banking union.
- Language
-
Englisch
- Bibliographic citation
-
Series: Bruegel Policy Contribution ; No. 2016/13
- Classification
-
Wirtschaft
- Event
-
Geistige Schöpfung
- (who)
-
Véron, Nicolas
- Event
-
Veröffentlichung
- (who)
-
Bruegel
- (where)
-
Brussels
- (when)
-
2016
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Bericht
Associated
- Véron, Nicolas
- Bruegel
Time of origin
- 2016
Other Objects (12)
The monetary mechanics of the crisis
Monetary policy on the way out of the crisis
The Euro crisis and the new impossible trinity
Beyond the crisis: Prospects for emerging Europe
Testimony on the European debt and financial crisis
What happened to global banking after the crisis?
Financial reform after the crisis: An early assessment
The Euro crisis: Ten roots, but fewer solutions
The impact of the crisis on budget policy in Central and Eastern Europe
Forecast errors and monetary policy normalisation in the euro area
Fiscal federalism in crisis: lessons for Europe from the US
Fair value accounting is the wrong scapegoat for this crisis
The monetary mechanics of the crisis
Monetary policy on the way out of the crisis
The Euro crisis and the new impossible trinity
Beyond the crisis: Prospects for emerging Europe
Testimony on the European debt and financial crisis
What happened to global banking after the crisis?
Financial reform after the crisis: An early assessment
The Euro crisis: Ten roots, but fewer solutions
The impact of the crisis on budget policy in Central and Eastern Europe
Forecast errors and monetary policy normalisation in the euro area
Fiscal federalism in crisis: lessons for Europe from the US
Fair value accounting is the wrong scapegoat for this crisis
The monetary mechanics of the crisis
Monetary policy on the way out of the crisis
The Euro crisis and the new impossible trinity
Beyond the crisis: Prospects for emerging Europe
Testimony on the European debt and financial crisis
What happened to global banking after the crisis?
Financial reform after the crisis: An early assessment
The Euro crisis: Ten roots, but fewer solutions
The impact of the crisis on budget policy in Central and Eastern Europe
Forecast errors and monetary policy normalisation in the euro area
Fiscal federalism in crisis: lessons for Europe from the US