From Fragmentation to Financial Integration in Europe

From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level-the pendulum of financial integration and fragmentation-and at the micro level-the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking union for the euro area, are also discussed in detail.

Table of Contents
Contents
Foreword by Christine Lagarde
Foreword by José Viñals
1 Securing a Safer Financial System for Europe by Charles Enoch, Luc Everaert, Thierry Tressel, and Jianping Zhou

PART I FROM INTEGRATION TO CRISIS MANAGEMENT
2 Institutional Setup for the Single Market and Economic and Monetary Union by Jianping Zhou
3 European Union Financial Integration before the Crisis by Luc Laeven and Thierry Tressel
4 Financial, Sovereign, and Macro Risk in the European Union: Contingent Claims Approach by Dale Gray
5 Crisis Management by Luc Everaert, Heiko Hesse, and Nadege Jassaud
6 Risks and Vulnerabilities by Jorge Chan-Lau, Luc Everaert, Daniel C. Hardy, Heiko Hesse, and Nadege Jassaud
7 Progress with Bank Resolution and Restructuring in the European Union by Luc Everaert, Heiko Hesse, and Nadege Jassaud
8 Fragmentation of the Financial System by Luc Laeven and Thierry Tressel

PART II UNDERPINNING FINANCIAL STABILITY IN THE ECONOMIC AND MONETARY UNION AND THE EUROPEAN UNION
9 Banking Union and Single Market: Consistent Setup and Risk Mitigation by Thierry Tressel
10 Legal Underpinnings of an EU Banking Union by Barend Jansen, Alessandro Gullo, and Nikita Aggarwal
11 The Single Supervisory Mechanism by Thierry Tressel
12 The Single Resolution Mechanism by Thierry Tressel
13 Bank Recapitalisation by Thierry Tressel
14 Deposit Insurance in the European Union by Luc Laeven
15 Governance and Transparency of EU-Wide Institutions by Scott Roger
16 European Union Banking Regulatory Framework and Authorities: An Overview by Nadege Jassaud and Fabiana Melo
17 Stress Testing European Banks by Daniel C. Hardy and Heiko Hesse
18 An Assessment of Markets and Credit Rating Agency Regulation by Ana Fiorella Carvajal
19 European Insurance and Occupational Pensions Authority by Rodolfo Wehrhahn
20 Macroprudential Oversight and the Role of the European Systemic Risk Board by Thierry Tressel and Jianping Zhou
21 Addressing Cross-Border Aspects of Securities Clearing and Settlement Systems in the European Union by Froukelien Wendt
22 Mortgage Markets and Foreclosure Processes in Europe and the United States by Michael Moore, Marta Rodríguez-Vives, and Nolvia N. Saca-Saca
23 Resolving Systemically Important Financial Institutions: Mandatory Recapitalization of Financial Institutions Using 'Bail-Ins' by Jianping Zhou, Virginia Rutledge, Wouter Bossu, Marc Dobler, Nadege Jassaud, and Michael Moore

PART III BEYOND THE CRISIS
24 Structural Measures for the New European Architecture by Charles Enoch
25 Some Wider Challenges by Charles Enoch

IMF: Supporting Documents Country FSAPs http://www.imf.org/external/NP/fsap/fsap.aspx

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