Issues on Financial Crisis and Stability in the Eurosystem

欧州中央銀行

ユーロ

最後の貸手

金融危機・安定

Economic and Monetary Union

European Central Bank

Euro

Lender of Last Resort

Financial Crises and Stability

The Eurosystem forms a federal central banking. Issues of financial stability in the Eurosystem, however, are sophisticated without a political union or united government. In the Eurosystem, while federal-centralized principles are the establishment of ECB, single monetary policy, and euro as legal-tender notes, decentralized principles are banking supervision and financial stability, administration and provision of euro banknotes, and operation of TARGET charged by the authorities, concerned orand National Central Banks.In this context NCB is a European institution as a integral part of the Eurosystem and, at the same time, a national institution. So NCB has a dual and composite nature. As a key issue we single out the question what is the relation between federal-centralized principles and decentralized principles, that is, 'subsidiarity' and 'decentralization'. Especially it is a important question for us to ask what relevant issues there are between the federal-centralization and the decentralization. The introduction of the single currency euro brought about the integration of the money market and a surge in cross-border interbank market trading. It is natural the development of market finance and global markets require debates on reform of the existing prudential policy in Europe.