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Unconventional monetary policy measures in response to the crisis.

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  • Economics
  • Mathematics

Abstract

Memorandum of Understanding on Co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the EU on Cross-Border Financial Stability Brussels ECFIN/CEFCPE(2008)REP/53106 REV REV MEMORANDUM OF UNDERSTANDING ON COOPERATION BETWEEN THE FINANCIAL SUPERVISORY AUTHORITIES, CENTRAL BANKS AND FINANCE MINISTRIES OF THE EUROPEAN UNION ON CROSS-BORDER FINANCIAL STABILITY 1 June 2008 ANNEXES: ANNEX 1: THE COMMON PRACTICAL GUIDELINES ANNEX 2: TEMPLATE FOR A SYSTEMIC ASSESSMENT FRAMEWORK Page 1 of 36 INTRODUCTION This Memorandum is an extension and update of the 2005 Memorandum and is based on Council conclusions of 9 October 2007; and on the EFC Report of 5 September 2007 (doc. ECFIN/CEFCPE(2007)REP/53990) endorsed by the EU Finance Ministers and Central Bank Governors. The agreement of the Parties1 leading to this Memorandum is based on the following considerations: (1) The integration of financial markets and financial infrastructures in the European Union (EU), together with the growing number of large and complex financial groups with cross-border operations, contributes to the efficiency and stability of the EU financial system. At the same time, financial integration increases the scope for cross-border and cross-sector contagion and thus the likelihood of a systemic crisis affecting more than one Member State. Financial stability is, therefore, a common concern for all Member States and the EU as a whole, and must be safeguarded on the basis of close cooperation among all Parties, taking also into account the wider international context. (2) In order to limit the economic impact of a cross-border systemic financial crisis, the EU arrangements for crisis management and resolution must allow a timely and effective response. Crisis preparation in advance is necessary, while preserving sufficient flexib

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