TAILIEUCHUNG - THE ROLE OF FINANCIAL MARKETS AND INNOVATION IN PRODUCTIVITY AND GROWTH IN EUROPE

We propose an evolution in the Federal Reserve’s current supervisory authority for BHCs to create a single point of accountability for the consolidated supervision of all companies that own a bank. All large, interconnected firms whose failure could threaten the stability of the system should be subject to consolidated supervision by the Federal Reserve, regardless of whether they own an insured depository institution. These firms should not be able to escape oversight of their risky activities by manipulating their legal structure. Under our proposals, the largest, most interconnected, and highly leveraged institutions would face stricter prudential regulation than. | EUROPEAN CENTRAL BANK EUROSYSTEM OCCASIONAL PAPER SERIES NO 72 SEPTEMBER 2007 THE ROLE OF FINANCIAL MARKETS AND INNOVATION IN PRODUCTIVITY AND GROWTH IN EUROPE by Philipp Hartmann Florian Heider Elias Papaioannou and Marco Lo Duca EUROPEAN CENTRAL BANK EUROSYSTEM In 2007 all ECB publications feature a motif taken from the 20 banknote. OCCASIONAL PAPER SERIES NO 72 I SEPTEMBER 2007 THE ROLE OF FINANCIAL MARKETS AND INNOVATION IN PRODUCTIVITY AND GROWTH IN EUROPE1 by Philipp Hartmann Florian Heider Elias Papaioannou and Marco Lo Duca This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1005850. I An earlier version of this paper was prepared upon request of the Finnish Presidency as a background document for a discussion of European Union finance ministers and central bank governors at the Informal ECOFIN Meeting in Helsinki on 8 and 9 September 2006. It partly draws on work and papers to which also the following persons contributed Annalisa Ferrando Angela Maddaloni Simone Manganelli Markus Baltzer Antonio Ciccone Universitat Pompeu Fabra Friedrich Fritzer Oesterreichische Nationalbank and Bernadette Lauro. We are grateful for the encouragement and the many comments we received from Franklin Allen Asli Demirguẹ-Kunt Lucas Papademos Lucrezia Reichlin Antti Suvanto Martti Hetamaki the participants of the ECOFIN Meeting Torsten Beck Violetta Damia Frank Dierick Francesco Drudi Corinna Freund Doris Keller Hans-Joachim Klockers Philippe Moutot Anssi Rantala and many other people who cannot all be listed here. None of the persons listed however should be held responsible for the content of the paper. The results presented have been derived from internal and external research. They do not necessarily reflect the position of or bind the European Central Bank. European Central Bank 2007 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03

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