Wednesday, October 3, 2012

Pe cine reprezintă Isărescu când anunță acest program politic ?

Via Prioritate de dreapta

The Future of the International Banking System

Mugur Isărescu
Governor
National Bank of Romania

Presentation delivered at the Annual Conference
of the Club of Rome

“The POWER OF THE MIND”

[...] IV. The foreseeable future of the European banking systems: the banking union


Let me quote Tommaso Padoa-Schioppa once more. He wrote that
the old way of thinking along the Westphalian concept of nation-states is no longer suited for policy action when dealing with problems that are transnational, such as the financial crisis. For instance, Europe as a whole does not have large external deficits, or a high indebtedness of the household sector. Yet, it is being penalized by markets because its politicians try to solve the problems along the lines of nation-states.


IV.1. The need for a banking union

 
From this perspective, the EMU is visibly incomplete. On the one hand, in the absence of a fiscal union, sovereign spreads vary according to market perception. On the other hand, in the absence of a banking union, banks are perceived as contingent liabilities of individual sovereigns.

The EU is presently dealing with the negative feedback loop between banks and sovereigns.


The imperative need to break this vicious circle gave birth to a wide consensus that the banking union is a less controversial and more feasible solution than a fiscal union. It is viewed as a way to place the banking sector on a more sound footing and restore confidence in the euro. It is also viewed as a step towards a fiscal union.


A banking union is also a good answer from the perspective of the so-called “impossible trinity”, which points out that financial stability and financial integration are not compatible with preserving supervision at national level (Schoenmaker, 2011).


IV.2. The project


Now let us turn to what the projected banking union would imply. The current design envisages the banking union as functional for the euro area with an opt-in clause applicable to non-euro area Member States. At this stage, the proposal consists of four complementary pillars.


First, there should be a single rulebook. This means that the members of the banking union should establish and implement a harmonized framework for banking regulation and supervision.


Second, there should be a single supra-national supervisory authority in charge across the union (the main supervisory tasks will be transferred from the national to the European level).


Third, there should be a single bank resolution mechanism to address potential banking crises.


V. By way of conclusion


By way of conclusion, I would say that we should adjust our ways of thinking and acting to the shifting economic and financial reality, rather than force the financial system to embrace a more or less fashionable theoretical approach. Not only the current crisis, but also the troubled history of the banking system reveals that the viable solution is to find a balanced approach between the roles markets and governments have to play in order to put the economy on a smooth growth path. In this context, the financial system reform measures should aim not only at avoiding the outbreak of a new crisis in the future, but also at ensuring that the new architecture of the financial system enhances its ability to support sound economic growth.


Thank you very much for your attention and, last but not least, for your patience. I also appreciate that you accepted that I slipped from the shoes of the President of the Romanian Association of the Club of Rome into the ones of the Governor of the National Bank of Romania.


http://www.bnro.ro/DocumentInformation.aspx?idInfoClass=6885&idDocument=13619&directLink=1 


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ARCoR
The Romanian Association for The Club of Rome


http://www.clubofrome.ro/arcor/aboutus.php



President
Mugur Isarescu

Vice Presidents

Mircea Malitza
Sergiu Celac
Ionel Haiduc
Florin Pogonaru

Secretary General

Calin Georgescu

Executive Director

Mugur Tolici

Honorary Members

Ion Iliescu
Emil Constantinescu


LUCIAN LIVIU ALBU

FLORIN COLCEAG

DANIEL DAIANU

CRISTIAN HERA

DINU GIURESCU

TRAIAN MARIAN GOMOIU

MARIUS IOSIFESCU

SOLOMON MARCUS

ALEXANDRU MIRONOV

NICOLAE PANIN

DAN DUMITRU POPESCU

MARIUS SALA

GHEORGHE TEODORESCU

ANTON ANTON

VALENTIN ALEXANDRESCU

NICOLAE DANILA

RADU GRATIAN GHETEA

ALEXANDRU GRUMAZ

VALENTIN LAZEA

SILVIU NEGUT

FLORIN GEORGESCU

CRISTIAN POPA

VIRGIL STOENESCU

VIRGINIA MIRCEA

IOAN RUS

MADLEN SERBAN

DORU BOSTINA

DRAGOS CABAT

CLAUDIU CERCEL

GABRIEL COMANESCU

COSMIN DOBRAN

PETRU DUMITRIU

IONUT DUMITRU

MARIANA GHEORGHE

COMAN GIORGIU

OTILIA MANTA

SERBAN MATEI

MIRCEA PERPELEA

EUGEN POPA

ERNEST POPOVICI

ANDREI POSTELNICU

MIRELA ROMAN

GABRIEL SEBE

CRISTIAN SPORIS

MUGUR STET

BOGDAN URSULEANU

EMIL VONVEA

MARCEL VULPOI

IOANA ZANE

VICTOR ANDREI

AL. NICOLAE PAUNESCU

PETRU RARES

RADU MUNTEANU

DANIEL PITURLEA

LUCIAN ANGHEL

REMUS BENTA

MIRCEA MURESAN

EMILIAN M. DOBRESCU

REMUS PRICOPIE

FLORIAN LIBOCOR

FLORIN RADULESCU

DAN VIOREL PAUL

DAN COSTIN NITESCU

LIVIU TUDOR

ANTON COMANESCU

DUMITRU POPESCU

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