The Lender of Last Resort in the European Single Financial Market

Abstract

AbstractThe following sections are included:IntroductionSystemic Risk in the Single Financial MarketIntegrated financial markets and market infrastructuresBanking concentration at the domestic levelThe emergence of pan-European banking groups with complex structuresCentralization of business functions in banking groupsThe emergence of large and complex financial institutionsIncreased foreign ownership of financial assetsThe Architecture for Financial Crisis ManagementCooperation between functions through committee-structuresCooperation agreementsConclusionThe Lender of Last Resort Function in PracticeDetection of a liquidity shockAssessment of systemic riskJurisdiction of the lender of last resortAssessing the solvency position of a pan-European banking groupInteraction with treasuriesConclusion: Pressure points of the lender of last resortChallengesInstitutional coordination issuesCoordination modelsWays Forward: Coordination versus Centralization of PolicymakingReferences

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