Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies

Thorsten Beck, Wolf Wagner, Philip Lane, Dirk Schoenmaker, Elena Carletti, Franklin Allen 20 June 2011

This CEPR report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks.

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Table of Contents

Foreword

Executive Summary

1 Cross-Border Banking in Europe: From Boom to Bust

2 Cross-Border Banking and Financial Stability

3 Macroeconomic Aspects of Cross-Border Banking

4 Policy Implications

Thorsten Beck

Professor of Banking and Finance, Cass Business School; Research Fellow, CEPR

Wolf Wagner

Professor of Finance, Rotterdam School of Management

Philip Lane

Governor, Central Bank of Ireland; Whately Professor of Political Economy, Trinity College Dublin (on leave); CEPR Research Fellow

Dirk Schoenmaker

Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University Rotterdam; Non-Resident Fellow, Bruegel; and Research Fellow, CEPR

Elena Carletti

Professor of Economics, European University Institute

Franklin Allen

Professor of Finance and Economics, Imperial College London; Executive Director of the Brevan Howard Centre

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