Extraordinary Measures in Extraordinary Times: Public Measures in Support of the Financial Sector in the EU and the United States

84 Pages Posted: 8 Jun 2016

See all articles by Stéphanie Stolz

Stéphanie Stolz

International Monetary Fund (IMF); European Central Bank (ECB)

Michael Wedow

European Central Bank (ECB) - Directorate Financial Stability and Supervision

Date Written: 2010

Abstract

The extensive public support measures for the financial sector have been key for the management of the current financial crisis. This paper gives a detailed description of the measures taken by central banks and governments and attempts a preliminary assessment of the effectiveness of such measures. The geographical focus of the paper is on the European Union (EU) and the United States. The crisis response in both regions has been largely similar in terms of both tools and scope, and monetary policy actions and bank rescue measures have become increasingly intertwined. However, there are important differences, not only between the EU and the United States (e.g. with regard to the involvement of the central bank), but also within the EU (e.g. asset relief schemes).

Keywords: Bank rescue measures, public crisis management

JEL Classification: E58, E61, G21, G38

Suggested Citation

Stolz, Stephanie and Wedow, Michael, Extraordinary Measures in Extraordinary Times: Public Measures in Support of the Financial Sector in the EU and the United States (2010). Bundesbank Series 1 Discussion Paper No. 2010,13, Available at SSRN: https://ssrn.com/abstract=2785377 or http://dx.doi.org/10.2139/ssrn.2785377

Stephanie Stolz (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Michael Wedow

European Central Bank (ECB) - Directorate Financial Stability and Supervision ( email )

Frankfurt a.M.
Germany

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