Financial-Stability Challenges in European Emerging-Market Countries

This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining...

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Main Author:	Schinasi, Garry
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCOUNTING ACCOUNTING PRACTICES ADEQUATE DISCLOSURE ARBITRAGE AUDITING BAILOUT BALANCE SHEET BANK FAILURES BANK FOR INTERNATIONAL SETTLEMENTS BANK REGULATIONS BANKING CRISES BANKING INDUSTRY BANKING INSTITUTION BANKING REGULATIONS BANKING SUPERVISION BANKING SYSTEMS BANKRUPTCY BOND BROKERS CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITAL SHORTAGE CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CHECKS CLEARING HOUSES COLLECTIVE ACTION COMMERCIAL CODES COMMON MARKET CONNECTED LENDING CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE GOVERNANCE CREDIT RISK CRISES MANAGEMENT CURRENCY DEBT CRISES DEBT CRISIS DECENTRALIZATION DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITORS DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKETS ECONOMIC EFFICIENCY EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKETS EMERGING-MARKET EUROPEAN CENTRAL BANK EXTERNALITIES FEDERAL DEPOSIT INSURANCE FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL RESERVE FINANCE MINISTRIES FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INFRASTRUCTURES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTEGRATION FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL RISK FINANCIAL RISKS FINANCIAL SECTOR DEVELOPMENTS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING FACILITIES FISCAL BURDEN FIXED EXCHANGE RATE FOREIGN BANK FOREIGN BANKS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE TRANSACTIONS FRAMEWORK FOR SECURITIES FRAUD FUNGIBLE GLOBAL ECONOMY GLOBAL FINANCE GLOBAL FINANCIAL SYSTEM GLOBAL MARKET GLOBAL MARKETS GLOBALIZATION GOVERNANCE MECHANISMS GOVERNMENT BONDS GOVERNMENT INVOLVEMENT HEDGE FUNDS HOST COUNTRIES HOST COUNTRY HOUSING INSTITUTIONAL ARCHITECTURE INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE CORPORATION INTEREST-RATE DERIVATIVES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS INTERNATIONAL TRADE INVESTMENT BANKS INVESTMENT STRATEGIES INVESTMENT VEHICLES INVESTOR BASE INVESTOR PROTECTION LABOR MARKETS LAWS LEGAL AUTHORITY LEGAL PROVISIONS LEGISLATION LEGISLATIVE FRAMEWORK LENDER LENDER OF LAST RESORT LEVEL PLAYING FIELD LEVIES LEVY LIQUIDATION LIQUIDITY LIQUIDITY CRISIS LIQUIDITY RISKS LONG-TERM CAPITAL MACROECONOMIC POLICIES MANDATES MARKET COUNTRIES MARKET DISCIPLINE MARKET INFRASTRUCTURES MARKET INTEGRATION MARKET MAKERS MARKET SURVEILLANCE MARKET TRANSPARENCY MATURITY MONETARY POLICY MONEY MARKET MONEY MARKETS MORAL SUASION MORTGAGE MUTUAL FUNDS NATIONAL BANKS NATIONAL GUARANTEES NATIONAL SECURITIES NONBANK FINANCIAL INSTITUTIONS OFFBALANCE SHEET PEER PRESSURE PENSION PENSION FUNDS PENSIONS POLICY RESPONSES POOR LIQUIDITY PORTFOLIOS PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC POLICY RECAPITALIZATION REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY PRACTICES REGULATORY STANDARDS REGULATORY STRUCTURES REGULATORY SYSTEM REPO REPO MARKET REPO MARKETS RISK CAPITAL RISK DIVERSIFICATION RISK EXPOSURES RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK TAKING RULE OF LAW SAFETY NET SAVINGS SECURITIES SECURITIES ISSUANCE SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATIONS SETTLEMENT SETTLEMENT PROCEDURE SOLVENCY SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS SOVEREIGN DEFAULT SUBSIDIARY SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY SUPERVISORY FRAMEWORK SUPERVISORY POWERS SURCHARGES SWAPS SYSTEMIC RISK SYSTEMIC RISKS TAX TAXATION TRADING TRANSITION COUNTRIES TREASURIES TREASURY TREATIES TREATY TURNOVER VAR MODELS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822113330 http://hdl.handle.net/10986/3535

id	okr-10986-3535
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ACCOUNTING PRACTICES ADEQUATE DISCLOSURE ARBITRAGE AUDITING BAILOUT BALANCE SHEET BANK FAILURES BANK FOR INTERNATIONAL SETTLEMENTS BANK REGULATIONS BANKING CRISES BANKING INDUSTRY BANKING INSTITUTION BANKING REGULATIONS BANKING SUPERVISION BANKING SYSTEMS BANKRUPTCY BOND BROKERS CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITAL SHORTAGE CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CHECKS CLEARING HOUSES COLLECTIVE ACTION COMMERCIAL CODES COMMON MARKET CONNECTED LENDING CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE GOVERNANCE CREDIT RISK CRISES MANAGEMENT CURRENCY DEBT CRISES DEBT CRISIS DECENTRALIZATION DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITORS DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKETS ECONOMIC EFFICIENCY EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKETS EMERGING-MARKET EUROPEAN CENTRAL BANK EXTERNALITIES FEDERAL DEPOSIT INSURANCE FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL RESERVE FINANCE MINISTRIES FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INFRASTRUCTURES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTEGRATION FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL RISK FINANCIAL RISKS FINANCIAL SECTOR DEVELOPMENTS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING FACILITIES FISCAL BURDEN FIXED EXCHANGE RATE FOREIGN BANK FOREIGN BANKS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE TRANSACTIONS FRAMEWORK FOR SECURITIES FRAUD FUNGIBLE GLOBAL ECONOMY GLOBAL FINANCE GLOBAL FINANCIAL SYSTEM GLOBAL MARKET GLOBAL MARKETS GLOBALIZATION GOVERNANCE MECHANISMS GOVERNMENT BONDS GOVERNMENT INVOLVEMENT HEDGE FUNDS HOST COUNTRIES HOST COUNTRY HOUSING INSTITUTIONAL ARCHITECTURE INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE CORPORATION INTEREST-RATE DERIVATIVES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS INTERNATIONAL TRADE INVESTMENT BANKS INVESTMENT STRATEGIES INVESTMENT VEHICLES INVESTOR BASE INVESTOR PROTECTION LABOR MARKETS LAWS LEGAL AUTHORITY LEGAL PROVISIONS LEGISLATION LEGISLATIVE FRAMEWORK LENDER LENDER OF LAST RESORT LEVEL PLAYING FIELD LEVIES LEVY LIQUIDATION LIQUIDITY LIQUIDITY CRISIS LIQUIDITY RISKS LONG-TERM CAPITAL MACROECONOMIC POLICIES MANDATES MARKET COUNTRIES MARKET DISCIPLINE MARKET INFRASTRUCTURES MARKET INTEGRATION MARKET MAKERS MARKET SURVEILLANCE MARKET TRANSPARENCY MATURITY MONETARY POLICY MONEY MARKET MONEY MARKETS MORAL SUASION MORTGAGE MUTUAL FUNDS NATIONAL BANKS NATIONAL GUARANTEES NATIONAL SECURITIES NONBANK FINANCIAL INSTITUTIONS OFFBALANCE SHEET PEER PRESSURE PENSION PENSION FUNDS PENSIONS POLICY RESPONSES POOR LIQUIDITY PORTFOLIOS PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC POLICY RECAPITALIZATION REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY PRACTICES REGULATORY STANDARDS REGULATORY STRUCTURES REGULATORY SYSTEM REPO REPO MARKET REPO MARKETS RISK CAPITAL RISK DIVERSIFICATION RISK EXPOSURES RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK TAKING RULE OF LAW SAFETY NET SAVINGS SECURITIES SECURITIES ISSUANCE SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATIONS SETTLEMENT SETTLEMENT PROCEDURE SOLVENCY SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS SOVEREIGN DEFAULT SUBSIDIARY SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY SUPERVISORY FRAMEWORK SUPERVISORY POWERS SURCHARGES SWAPS SYSTEMIC RISK SYSTEMIC RISKS TAX TAXATION TRADING TRANSITION COUNTRIES TREASURIES TREASURY TREATIES TREATY TURNOVER VAR MODELS
spellingShingle	ACCOUNTING ACCOUNTING PRACTICES ADEQUATE DISCLOSURE ARBITRAGE AUDITING BAILOUT BALANCE SHEET BANK FAILURES BANK FOR INTERNATIONAL SETTLEMENTS BANK REGULATIONS BANKING CRISES BANKING INDUSTRY BANKING INSTITUTION BANKING REGULATIONS BANKING SUPERVISION BANKING SYSTEMS BANKRUPTCY BOND BROKERS CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITAL SHORTAGE CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CHECKS CLEARING HOUSES COLLECTIVE ACTION COMMERCIAL CODES COMMON MARKET CONNECTED LENDING CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE GOVERNANCE CREDIT RISK CRISES MANAGEMENT CURRENCY DEBT CRISES DEBT CRISIS DECENTRALIZATION DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITORS DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKETS ECONOMIC EFFICIENCY EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKETS EMERGING-MARKET EUROPEAN CENTRAL BANK EXTERNALITIES FEDERAL DEPOSIT INSURANCE FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL RESERVE FINANCE MINISTRIES FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INFRASTRUCTURES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTEGRATION FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL RISK FINANCIAL RISKS FINANCIAL SECTOR DEVELOPMENTS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING FACILITIES FISCAL BURDEN FIXED EXCHANGE RATE FOREIGN BANK FOREIGN BANKS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE TRANSACTIONS FRAMEWORK FOR SECURITIES FRAUD FUNGIBLE GLOBAL ECONOMY GLOBAL FINANCE GLOBAL FINANCIAL SYSTEM GLOBAL MARKET GLOBAL MARKETS GLOBALIZATION GOVERNANCE MECHANISMS GOVERNMENT BONDS GOVERNMENT INVOLVEMENT HEDGE FUNDS HOST COUNTRIES HOST COUNTRY HOUSING INSTITUTIONAL ARCHITECTURE INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE CORPORATION INTEREST-RATE DERIVATIVES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS INTERNATIONAL TRADE INVESTMENT BANKS INVESTMENT STRATEGIES INVESTMENT VEHICLES INVESTOR BASE INVESTOR PROTECTION LABOR MARKETS LAWS LEGAL AUTHORITY LEGAL PROVISIONS LEGISLATION LEGISLATIVE FRAMEWORK LENDER LENDER OF LAST RESORT LEVEL PLAYING FIELD LEVIES LEVY LIQUIDATION LIQUIDITY LIQUIDITY CRISIS LIQUIDITY RISKS LONG-TERM CAPITAL MACROECONOMIC POLICIES MANDATES MARKET COUNTRIES MARKET DISCIPLINE MARKET INFRASTRUCTURES MARKET INTEGRATION MARKET MAKERS MARKET SURVEILLANCE MARKET TRANSPARENCY MATURITY MONETARY POLICY MONEY MARKET MONEY MARKETS MORAL SUASION MORTGAGE MUTUAL FUNDS NATIONAL BANKS NATIONAL GUARANTEES NATIONAL SECURITIES NONBANK FINANCIAL INSTITUTIONS OFFBALANCE SHEET PEER PRESSURE PENSION PENSION FUNDS PENSIONS POLICY RESPONSES POOR LIQUIDITY PORTFOLIOS PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC POLICY RECAPITALIZATION REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY PRACTICES REGULATORY STANDARDS REGULATORY STRUCTURES REGULATORY SYSTEM REPO REPO MARKET REPO MARKETS RISK CAPITAL RISK DIVERSIFICATION RISK EXPOSURES RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK TAKING RULE OF LAW SAFETY NET SAVINGS SECURITIES SECURITIES ISSUANCE SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATIONS SETTLEMENT SETTLEMENT PROCEDURE SOLVENCY SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS SOVEREIGN DEFAULT SUBSIDIARY SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY SUPERVISORY FRAMEWORK SUPERVISORY POWERS SURCHARGES SWAPS SYSTEMIC RISK SYSTEMIC RISKS TAX TAXATION TRADING TRANSITION COUNTRIES TREASURIES TREASURY TREATIES TREATY TURNOVER VAR MODELS Schinasi, Garry Financial-Stability Challenges in European Emerging-Market Countries
geographic_facet	Europe and Central Asia Europe and Central Asia
relation	Policy Research working paper ; no. WPS 5773
description	This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining weaknesses revealed by the global and European crises. The paper first reviews the pre-crisis financial-stability architectures in Europe and across the globe and then identifies the key weaknesses revealed by the global crisis. It then describes the micro and macro-prudential components of the new European System of Financial Supervision and some of its design limitations (and only briefly mentions reforms designed to deal with sovereign debt problems). The paper then identifies ten key areas where there are remaining challenges of implementation and additional reforms: six areas pertaining to all countries in Europe as well as the other major financial centers and four areas more germane to emerging-market countries in Europe. In discussing these ten areas, the paper tries to differentiate the relative challenges faced by categories of emerging-market countries, and their possible links to the excessive build-up of vulnerabilities in the pre-crisis period as a potential source of lessons for policy going forward.
format	Publications & Research :: Policy Research Working Paper
author	Schinasi, Garry
author_facet	Schinasi, Garry
author_sort	Schinasi, Garry
title	Financial-Stability Challenges in European Emerging-Market Countries
title_short	Financial-Stability Challenges in European Emerging-Market Countries
title_full	Financial-Stability Challenges in European Emerging-Market Countries
title_fullStr	Financial-Stability Challenges in European Emerging-Market Countries
title_full_unstemmed	Financial-Stability Challenges in European Emerging-Market Countries
title_sort	financial-stability challenges in european emerging-market countries
publishDate	2012
url	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822113330 http://hdl.handle.net/10986/3535
_version_	1764387158854991872
spelling	okr-10986-35352021-04-23T14:02:10Z Financial-Stability Challenges in European Emerging-Market Countries Schinasi, Garry ACCOUNTING ACCOUNTING PRACTICES ADEQUATE DISCLOSURE ARBITRAGE AUDITING BAILOUT BALANCE SHEET BANK FAILURES BANK FOR INTERNATIONAL SETTLEMENTS BANK REGULATIONS BANKING CRISES BANKING INDUSTRY BANKING INSTITUTION BANKING REGULATIONS BANKING SUPERVISION BANKING SYSTEMS BANKRUPTCY BOND BROKERS CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITAL SHORTAGE CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CHECKS CLEARING HOUSES COLLECTIVE ACTION COMMERCIAL CODES COMMON MARKET CONNECTED LENDING CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE GOVERNANCE CREDIT RISK CRISES MANAGEMENT CURRENCY DEBT CRISES DEBT CRISIS DECENTRALIZATION DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITORS DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKETS ECONOMIC EFFICIENCY EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKETS EMERGING-MARKET EUROPEAN CENTRAL BANK EXTERNALITIES FEDERAL DEPOSIT INSURANCE FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL RESERVE FINANCE MINISTRIES FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INFRASTRUCTURES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTEGRATION FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL RISK FINANCIAL RISKS FINANCIAL SECTOR DEVELOPMENTS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING FACILITIES FISCAL BURDEN FIXED EXCHANGE RATE FOREIGN BANK FOREIGN BANKS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE TRANSACTIONS FRAMEWORK FOR SECURITIES FRAUD FUNGIBLE GLOBAL ECONOMY GLOBAL FINANCE GLOBAL FINANCIAL SYSTEM GLOBAL MARKET GLOBAL MARKETS GLOBALIZATION GOVERNANCE MECHANISMS GOVERNMENT BONDS GOVERNMENT INVOLVEMENT HEDGE FUNDS HOST COUNTRIES HOST COUNTRY HOUSING INSTITUTIONAL ARCHITECTURE INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE CORPORATION INTEREST-RATE DERIVATIVES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS INTERNATIONAL TRADE INVESTMENT BANKS INVESTMENT STRATEGIES INVESTMENT VEHICLES INVESTOR BASE INVESTOR PROTECTION LABOR MARKETS LAWS LEGAL AUTHORITY LEGAL PROVISIONS LEGISLATION LEGISLATIVE FRAMEWORK LENDER LENDER OF LAST RESORT LEVEL PLAYING FIELD LEVIES LEVY LIQUIDATION LIQUIDITY LIQUIDITY CRISIS LIQUIDITY RISKS LONG-TERM CAPITAL MACROECONOMIC POLICIES MANDATES MARKET COUNTRIES MARKET DISCIPLINE MARKET INFRASTRUCTURES MARKET INTEGRATION MARKET MAKERS MARKET SURVEILLANCE MARKET TRANSPARENCY MATURITY MONETARY POLICY MONEY MARKET MONEY MARKETS MORAL SUASION MORTGAGE MUTUAL FUNDS NATIONAL BANKS NATIONAL GUARANTEES NATIONAL SECURITIES NONBANK FINANCIAL INSTITUTIONS OFFBALANCE SHEET PEER PRESSURE PENSION PENSION FUNDS PENSIONS POLICY RESPONSES POOR LIQUIDITY PORTFOLIOS PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC POLICY RECAPITALIZATION REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY PRACTICES REGULATORY STANDARDS REGULATORY STRUCTURES REGULATORY SYSTEM REPO REPO MARKET REPO MARKETS RISK CAPITAL RISK DIVERSIFICATION RISK EXPOSURES RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK TAKING RULE OF LAW SAFETY NET SAVINGS SECURITIES SECURITIES ISSUANCE SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATIONS SETTLEMENT SETTLEMENT PROCEDURE SOLVENCY SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS SOVEREIGN DEFAULT SUBSIDIARY SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY SUPERVISORY FRAMEWORK SUPERVISORY POWERS SURCHARGES SWAPS SYSTEMIC RISK SYSTEMIC RISKS TAX TAXATION TRADING TRANSITION COUNTRIES TREASURIES TREASURY TREATIES TREATY TURNOVER VAR MODELS This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining weaknesses revealed by the global and European crises. The paper first reviews the pre-crisis financial-stability architectures in Europe and across the globe and then identifies the key weaknesses revealed by the global crisis. It then describes the micro and macro-prudential components of the new European System of Financial Supervision and some of its design limitations (and only briefly mentions reforms designed to deal with sovereign debt problems). The paper then identifies ten key areas where there are remaining challenges of implementation and additional reforms: six areas pertaining to all countries in Europe as well as the other major financial centers and four areas more germane to emerging-market countries in Europe. In discussing these ten areas, the paper tries to differentiate the relative challenges faced by categories of emerging-market countries, and their possible links to the excessive build-up of vulnerabilities in the pre-crisis period as a potential source of lessons for policy going forward. 2012-03-19T18:04:11Z 2012-03-19T18:04:11Z 2011-08-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822113330 http://hdl.handle.net/10986/3535 English Policy Research working paper ; no. WPS 5773 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper Europe and Central Asia Europe and Central Asia

Financial-Stability Challenges in European Emerging-Market Countries

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