Shortly before the first anniversary of the Single Supervisory Mechanism, a comprehensive book volume analyzes the far reaching reforms of financial regulation currently being implemented in Europe. The volume on “Financial Regulation: A Transatlantic Perspective”, published by Cambridge University Press, provides readers with an overview of the recent changes in regulation of the financial sector, an assessment of the interplay with monetary policy, and how the two affect the lending, saving and borrowing behavior of banks and households. Edited by Ester Faia, Andreas Hackethal, Michael Haliassos and Katja Langenbucher, all professors at Goethe University Frankfurt, the volume features contributions from renowned scholars from the fields of economics and law as well as from practitioners active in the reform developments. The creation of the book was supported by the SAFE Policy Center and the Center for Financial Studies.
The volume offers a comparison between the European experience of the financial crisis and subsequent changes in financial regulation and those in the United States. While there are differences between the reforms undertaken in Europe and those envisaged in the U.S., there are also many similarities. The first part of the book highlights reforms which, in both jurisdictions, are based on the common understanding that curtailing systemic risk in financial markets requires a shift of focus from micro- to macro-prudential regulations. In its second part, the book sets a pathway for a gaping hole in the current apparatus of European regulation, namely provisions for investors’ and borrowers’ protection. While the U.S. Dodd-Frank Act introduces norms and regulations for investors’ protection, a sound and comprehensive framework for investor protection is yet to be developed and widely applied in Europe. These aspects, as the ones relating to bank regulation, have very important legal implications, many of which are discussed throughout the volume.
The process of financial regulation in Europe is proceeding at impressive pace. The research-based analyses in the book will help readers to understand the conflicting priorities and complicated decisions in the process of framing the new European architecture for finance and whether the new legislation can be expected to make the financial system more stable and to ultimately foster growth and prosperity in Europe.
Contributors: Ignazio Angeloni (European Central Bank), Luca Enriques (LUISS University Rome), Ester Faia (Goethe University Frankfurt), Luigi Guiso (Einaudi Institute for Economics and Finance, Rome), Andreas Hackethal (Goethe University Frankfurt), Michael Haliassos (Goethe University Frankfurt), Gerard Hertig (ETH Zurich), Howell Jackson (Harvard Law School) Jan Pieter Krahnen (Goethe University Frankfurt), Katja Langenbucher (Goethe University Frankfurt), Niall Lenihan (European Central Bank), Tobias Linzert (European Central Bank) Niamh Moloney (London School of Economics), Laura Moretti (CFS and Research Center SAFE), Athanasios Orphanides (MIT), Marco Pagano (University of Naples), Isabel Schnabel (University of Mainz), Frank Smets (European Central Bank), Tobias Tröger (Goethe University Frankfurt)
> ”Financial Regulation: A Transatlantic Perspective” at Cambridge University Press
