Ðåôåðàò: Åâðîïåéñêàÿ äåíåæíàÿ ñèñòåìà
33. In my view, we should move as rapidly as possible to a model in which the present division of the geographical and functional jurisdiction between monetary policy and banking supervision plays no significant role. I do not mean necessarily a single authority or a single set of prudential rules. Rather I mean that the system of national supervisors needs to operate as effectively as a single authority when needed. While the causes of banking problems are often local or national, the propagation of problems may be area-wide. The banking industry is much more of a system than other financial institutions.
34. I am clearly aware that we are far from having a common supervisory system. But since the euro has just been launched and will last, we have to look in prospective terms at what needs to be set in place. There is no expectation, at least to my mind, that the division of responsibility in the euro area between the central bank and the banking supervisory functions should be abandoned. Although the Treaty has a provision that permits the assignment of supervisory tasks to the ECB, I personally do not rely on the assumption that this clause will be activated. What I perceive as absolutely necessary, however, is that co-operation among banking supervisors, which is largely voluntary but which finds no obstacles in the existing Directives or in the Treaty, will allow a sort of euro area collective supervisor to emerge that can act as effectively as if there were a single supervisor. This is desirable in the first instance to render the supervisory action more effective against the background of current and future challenges and, second, to assist the Eurosystem in the performance of its basic tasks.
TABLES
Table 1. Market share of branches and subsidiaries of foreign
credit institutions as % of total domestic assets, 1997
From EEA countries From third countries TOTAL
Branches Subsidiaries Branches Subsidiaries
AT 0.7 1.6 0.1 1.0 3.4
BE 9.0 19.2 6.9 1.2 36.3
DE 0.9 1.4 0.7 1.2 4.2
ES 4.8 3.4 1.6 1.9 11.7
FI 7.1 0 0 0 7.1
FR 2.5 NA 2.7 NA 9.8
IR 17.7 27.8 1.2 6.9 53.6
IT 3.6 1.7 1.4 0.1 6.8
NL 2.3 3.0 0.5 1.9 7.7
SE 1.3 0.1 0.1 0.2 1.7
UK 22.5 1.0 23.0 5.6 52.1
Source: ECB report "Possible effects of EMU on the EU banking
systems in the medium to long term" (February 1999).
Table 2. Assets of branches and subsidiaries of domestic credit
institutions in foreign countries
as % of total domestic assets, 1997
In EEA countries In third countries TOTAL
Branches Subsidiaries Branches Subsidiaries
AT 2.6 NA 3.7 NA NA
DE 12.0 7.3 7.8 0.9 27.9
ES 5.5 1.4 2.1 5.9 14.9
FI 5.9 0.3 6.6 0.3 13.1
FR 9.1 6.9 9.4 3.8 29.2
IR 8.3 14.9 1.3 10.1 34.6
IT 7.2 2.7 3.8 1.5 15.2
SE 7.2 NA 5.4 NA NA
Source: ECB report "Possible effects of EMU on the EU banking
systems in the medium to long term" (February 1999).
Table 3. Concentration: Assets of the five biggest credit
institutions as % of total assets
1985 1990 1997
AT 35.8 34.6 48.3
BE 48.0 48.0 57.0
DE NA 13.9 16.7
ES 38.1 34.9 43.6
FI 51.7 53.5 77.8
FR 46.0 42.5 40.3
IE 47.5 44.2 40.7
IT 20.9 19.1 24.6
NL 69.3 73.4 79.4
SE 60.2 70.02 89.7
UK NA NA 28.0
Source: ECB report "Possible effects of EMU on the EU banking
systems in the medium to long term" (February 1999).
Table 4. Number of branches and subsidiaries of foreign credit
institutions, 1997
From EEA countries From third countries TOTAL
Branches Subsidiaries Branches Subsidiaries
AT 6 20 2 11 39
BE 25 16 15 15 71
DE 46 31 31 45 153
ES 33 21 20 6 80
FI 9 0 0 0 9
FR 46 118 43 98 305
IR 18 21 3 7 49
IT 36 4 17 4 61
NL 11 8 11 19 49
SE 14 0 3 1 18
UK 106 18 149 114 387
Source: ECB report "Possible effects of EMU on the EU banking
systems in the medium to long term" (February 1999).
Table 5. Private non-financial enterprises' bonds, credit
institutions' bonds and government bonds outstanding as % of GDP,
1997
Private Credit Government
non-financial institutions' bonds
bonds bonds
AT 2.7 31.1 30.6
BE 10.0 38.3 111.0
DE 0.1 54.6 37.6
ES 2.6 4.5 52.9
FI 3.7 7.1 35.5
IE 0.01 1.6 32.2
IT 1.6 19.4 100.4
NL NA 43.1 53.4
SE 3.6 38.6 46.5
Source: ECB report "Possible effects of EMU on the EU banking
systems in the medium to long term" (February 1999).
Euro and European integration
Speech delivered by Eugenio Domingo Solans,
Member of the Governing Council and the Executive Board of the
European Central Bank,
at the "Euro and Denmark" exhibition in Aalborg, Denmark,
on 10 September 1999
INTRODUCTION
It is a real pleasure for me to participate in the "Euro and Denmark" exhibition in Aalborg. It is the first time since my appointment as a member of the Executive Board of the European Central Bank (ECB) in May 1998 that I have had the opportunity to speak in Denmark. Thank you for your invitation and for asking me to share my views on the euro and on European integration with investors and experts of this "pre-in" country.
I should like to refer to two main topics. First, and more extensively, allow me to explain the ECB's view and my own view on the role of the euro as an international currency. After this I intend to make some brief comments on the key role that the euro and the Eurosystem are playing in the process of European economic integration.
Before I begin, I should like to add that it goes without saying that the institutional position of the ECB - and therefore my own official position - concerning Denmark's entry to the euro area is one of strict neutrality. This is an issue which has to be decided by the Danish people, whenever and in whatever way they deem appropriate.
THE EURO AS AN INTERNATIONAL CURRENCY
Ñòðàíèöû: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36
