Adapting to Financial Globalisation by Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

According to a colloquium held by way of SUERF together with the Austrian nationwide financial institution, this publication addresses the problem of adapting to the calls for of monetary globalisation, a urgent preoccupation of bankers monetary associations and fiscal experts.

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Admittedly, the total number of deposit-taking institutions is still three times larger in the US (22,140) than in the euro zone (7040), although the two zones are comparable in terms of GDP and population. But, on the one hand, the legal framework in the US (McFadden Act) pushed in that direction for a long time by preventing Banking consolidation in Europe 17 multistate banking and, on the other hand, the speed of the consolidation has been faster there than in the euro zone: since 1980, the total number of deposit-taking institutions has fallen by 39% in the States, versus 25% here in Euroland.

And J. Tirole (1996), ‘Interbank Lending and Systemic Risk’, Journal of Money, Credit and Banking, 28, No. 4. Rogoff, K. (1999), ‘International Institutions for Reducing Global Financial Instability’, Journal of Economic Perspectives, 13(4), 21–42. Rose, A. (2000), ‘One Money, One Market: Estimating the Effect of Common Currencies on Trade’, Economic Policy, 15, 7–46. Vives, X. (1999), ‘Banking Supervision in the European Monetary Union’, Mimeo. 4 A new capital adequacy framework for Europe* Claes Norgren The conjunction of the three themes that will be covered here at this conference is no coincidence.

Ladies and gentlemen, In my remarks I focused on a number of issues central to the subject of your Colloquium. My intention was to signal the concern of central bankers towards systemic stability and crisis prevention, taking into consideration the role of NCBs in the ESCB in this context. In addition I wanted to stress the important factor of EU enlargement with the eyes of a central banker. In closing I would like to wish you much success in your deliberations and fine weather for your official excursion.

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