A Comparison Of The Cost Of Trading French Shares On The by De Jong, Nijman And Roell

By De Jong, Nijman And Roell

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Other actual or potential competitive distortions come from discrepancies in the types of effectively insured financial instruments. Such distortions cannot be fully discarded. Nevertheless some ‘fine tuning’ of the 1994 directive could be justified. Second, new European Directives must be adopted and implemented. We insist on two matters. Whereas solvency considerations have generated large world-wide and European co-ordination exercises, no such co-ordination has applied for liquidity yet. Provided that more definitional and accounting convergence is warranted, a European directive concerning liquidity rules, particularly on the liquidity ratio (in parallel, or not, to any recommendation from the Basle Committee), is desirable.

We therefore read the conclusion as a: ‘tout va tres bien, madame la marquise (or ... l’académie), don’t worry, we will take care, it is simple enough; if it is not clear enough, the ambiguity will turn out to be constructive’. No discussion is deemed useful of any theoretical or technical detail of the LOLR in a complex federal setting aimed at price (not financial) stability like the ESCB. 45 Section 3 A critique In synthesis, our reaction to Padoa-Schioppa’s approach to the problem is that: 1.

A sound use of discretion, to be sure, is a perfectly compatible complement to the mandatory actions dictated by a PCA legislation: the latter serving as a credible backup of the discretionary measures that both regulators and regulated banks should take to prevent the situation from deteriorating. This is not the place to expand on this topic, which has been dealt with in a special statement of the ESFRC (1998, June) and that is well known from the discussion and evolution of the US prudential setting.

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