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Fines for misconduct in the banking sector – what is the situation in the EU?

Paper - 2017

Author(s): Elena Carletti

Description: In this paper for the Economic and Monetary Affairs Committee at the European Parliament, the author analyses the US system for addressing bank misconduct through fines, highlighting a number of lessons for the EU with regard to the design of bank enforcement architecture and the need to develop common approaches across national and EU levels with a view to avoiding regulatory arbitrage. In fact, following the crisis, the highest money penalties imposed on banks in the US related to mis-selling of financial products – a criminal offence falling under the remit of Department of Justice – rather than to breaches of prudential supervisory requirements.

This material was originally published in a paper provided at the request of the Committee on Economic and Monetary Affairs of the European Parliament and commissioned by the Directorate-General for Internal Policies of the Union and supervised by its Economic Governance Support Unit (EGOV). The opinions expressed in this document are the sole responsibility of the authors and do not necessairly represent the official position of the European Parliament. The original paper is available on the European Parliament's webpage: http://www.europarl.europa.eu/RegData/etudes/IDAN/2017/587402/IPOL_IDA(2017)587402_EN.pdf © European Union, 2017

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Macroprudential Policy Issues Arising from Low Interest Rates and Structural Changes in the EU Financial System

Research Report - 2016

Author(s): ESRB

Description: This report is prepared by the joint Task Force of the ESRB Advisory Technical Committee, the ESRB Advisory Scientific Committee and the ESCB Financial Stability Committee, chaired by Jacek Osiński, Elena Carletti and John Fell. The report proposes a holistic macroprudential policy approach aimed at enhancing financial stability and mitigating systemic risks in the low interest rate environment. This includes an assessment of risks, implications for the broader economy and considerations about the market structure in view of the Action Plan on Building a Capital Markets Union.

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Challenges and prospects of the new banking resolution regime

Policy Brief - 2016

Author(s): Matteo Gatti

Description: The consequences of the new banking resolution regime on the evolution of the European financial system were discussed at a Chatham House ‘Executive Seminar on Banking Resolution’ organized by the Florence School of Banking and Finance and held in Florence on 14-15 July 2016. The executive seminar brought together academics, EU policy-makers, investors, and industry practitioners to discuss the impact of the new resolution regime on banks, regulators and investors. Participants also exchanged views on liquidity support and exit strategies in the upcoming resolution phase.  

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Filling the Gaps in Governance: The Case of Europe

Filling the Gaps in Governance: The Case of Europe

Book - 2016

Author(s): Elena Carletti Franklin Allen Joanna Gray Mitu Gulati

Description: The Florence School of Banking & Finance at the European University Institute (EUI) and the Brevan Howard Centre at Imperial College London – in cooperation with BAFFI CAREFIN at Bocconi University – organised a conference on 28 April 2016 at the EUI in Florence with the theme of “Filling the Gaps in Governance: the Case of Europe”. The conference brought together leading economists, lawyers, policy-makers and private practitioners to review the most significant gaps in the European Union’s incomplete governance and to discuss how they could be addressed. This ebook summarises their contributions.

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The new financial architecture in the Eurozone

Book - 2015

Author(s): Elena Carletti Franklin Allen Joanna Gray

Description: Based on a conference entitled “The New Financial Architecture in the Eurozone” organised by the European University Institute (EUI) and the Brevan Howard Centre, Imperial College London and held at the EUI in Florence, Italy, on 23 April 2015.

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