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Macroprudential Banking Supervision & Monetary Policy: Legal Interaction in the European Union

Autor Luca Amorello
en Limba Engleză Hardback – 10 sep 2018
The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools—within or beyond their statutory constraints—capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact—and conflict—with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the “legal interaction” between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.





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Specificații

ISBN-13: 9783319941554
ISBN-10: 3319941550
Pagini: 388
Ilustrații: IX, 408 p.
Dimensiuni: 148 x 210 mm
Greutate: 0.65 kg
Ediția:1st ed. 2018
Editura: Springer International Publishing
Colecția Palgrave Macmillan
Locul publicării:Cham, Switzerland

Cuprins

Chapter 1. Introduction.- Chapter 2. Law & Economics of Macroprudential Banking Supervision.- Chapter 3. A Legal Approach to Monetary Policy.- Chapter 4. Policy Interactions and Conflicts.- Chapter 5. The Legal Interaction in The EU Institutional Framework.- Chapter 6. Some Concluding Remarks​.


Notă biografică

Luca Amorello currently works as an Associate at Cleary Gottlieb Steen & Hamilton LLP in London, UK. He received a LLM from Harvard Law School, USA, a PhD/Dr. jur. in Law and Economics of Money and Finance from Goethe University, House of Finance, Germany, and a LLB/LLM from University of Trieste Law School, Italy. Prior to joining Cleary Gottlieb, Luca worked at the European Central Bank, the Bank of Italy, and Hogan Lovells LLP.




Textul de pe ultima copertă

The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools—within or beyond their statutory constraints—capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact—and conflict—with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the “legal interaction” between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.


Caracteristici

Explores the interaction of macroprudential and monetary policy in banking supervision under a legal perspective Proposes a legal approach to monetary policy and explores the EU legal framework Investigates interactions and conflicts between macroprudential and monetary policies under the current regime