Adapting to Financial Globalisation by Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

In accordance with a colloquium held by means of SUERF together with the Austrian nationwide financial institution, this publication addresses the difficulty of adapting to the calls for of monetary globalisation, a urgent preoccupation of bankers monetary associations and fiscal experts.

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These crises have transformed the international agenda. At the global level plans for a new international financial architecture have abounded and the future role of institutions like the IMF and the World Bank has been widely and intensively debated. 3 Indeed, the reform of the IMF has also been on the agenda of the spring meeting of the Bretton Woods Institutions. I think we have made progress towards formulating a common European position around key issues like: • • • the universality of the Fund the continuing need to provide both short- and medium-term financing consistent with its catalytic role and systematic private sector involvement to promote crisis prevention.

5 In addition, it is sometimes argued that regulatory variety and competition could minimize regulatory burden and regulatory capture. The second reason for keeping regulatory and supervisory authorities decentralized relates to economic and institutional aspects. EMU comprises countries with different histories, cultures and behavioral traditions. Not only does this apply to the cultures in the true sense of the word, but also to the financial and regulatory practices. Due to their local knowledge national regulators have a comparative advantage in dealing with idiosyncratic national characteristics of their respective financial intermediaries.

Several empirical studies have concluded that, across a large number of countries, it is on average those with lower inflation which appear to grow more rapidly. While there is a widespread agreement on the benefits of price stability, it is less clear exactly what price stability means. In the context of its stabilityoriented monetary policy strategy, the Governing Council of the ECB defined price stability as ‘a year-on-year increase in the Harmonised Index of Consumer Prices (HIPC) for the euro area of below 2%’.

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