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Европейская денежная система

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has the right to do business in the whole area using a single licence, under the supervision, and following the rules, of the authority that has issued the licence. The full supervisory responsibility thus belongs to the "home country". This allows, inter alia, the certain identification of the supervisor responsible for each institution acting as a counterparty to the monetary policy operations of the Eurosystem. The only exception to this principle - the "host country" competence for the supervision of liquidity of foreign branches - is no longer justified now that the euro is in place; hence it should soon be removed.

Second, co-operation. In a highly regulated industry such as banking, a single market that retains a plurality of "local" (national) supervisors requires close co-operation among supervisors to safeguard the public good: namely, openness, competition, safety and soundness of the banking industry. EU directives (the 1st and 2nd Banking Directives and the so-called BCCI Directive) lay the foundations for such co-operation, but they do not contain specific provisions or institutional arrangements to this end. They limit themselves to stating the principle of co-operation among national authorities and to removing obstacles to the exchange of information among them.

6. How does the Eurosystem relate to this construction? Essentially in two ways. First, the Treaty assigns to the Eurosystem the task to "contribute to the smooth conduct of policies pursued by competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system" (Article 105 (5)). Given the separation between monetary and supervisory jurisdictions, this provision is clearly intended to ensure a smooth interplay between the two. Second, the Treaty gives the Eurosystem a twofold (consultative and advisory) role in the rule-making process. According to Article 105 (4), the ECB must be consulted on any draft Community and national legislation in the fields of banking supervision and financial stability; and, according to Article 25 (1) of its Statute, the ECB can provide, on its own initiative, advice on the scope and implementation of the Community legislation in these fields. It should be borne in mind that central banks are normally involved in the process of drawing up legislation relating to, for example, regulatory standards, safety net arrangements and supervision since this legislation contributes crucially to the attainment of financial stability.

7. Two observations should be made about the institutional framework just described. First, such an arrangement establishes a double separation between central banking and banking supervision: not only a geographical, but also a functional one. This is the case because for the euro area as a whole banking supervision is now entrusted to institutions that have no independent monetary policy functions. The separation approach that was chosen for EMU has effectively been applied not only to the euro area as a whole, but to its components as well. Indeed, even in countries where the competent authority for banking supervision is the central bank, by definition this authority is, functionally speaking, no longer a central bank, as it lacks the key central banking task of autonomously controlling money creation.

The second observation is that the Treaty itself establishes (in Article 105 (6)) a simplified procedure that makes it possible, without amending the Treaty, to entrust specific supervisory tasks to the ECB. If such a provision were to be activated, both the geographical and the functional separation would be abandoned at once. The fact that the Maastricht Treaty allows the present institutional framework to be reconsidered without recourse to the very heavy amendment procedure (remember that such procedure requires an intergovernmental conference, ratification by national parliaments, sometimes even a national referendum) is a highly significant indication that the drafters of the Treaty clearly understood the anomaly of the double separation and saw the potential difficulties arising from it. The simplified procedure they established could be interpreted as a "last resort clause", which might become necessary if the interaction between the Eurosystem and national supervisory authorities turned out not to work effectively.

III. INDUSTRY SCENARIO

8. When evaluating the functioning of, and the challenges to, banking supervision in the current institutional framework, two aspects should be borne in mind. First, the advent of the euro increases the likelihood of the propagation of financial stability problems across national borders. For this reason a co-ordinated supervisory response is important at an early stage. Second, the sources of banks' risks and stability problems depend on ongoing trends that are not necessarily caused by the euro, but may be significantly accelerated by it. On the whole, we are interested not so much in the effects of EMU or the euro per se, as in the foreseeable developments due to all factors influencing banking in the years to come.

9. It should be noted at the outset that most banking activity, particularly in retail banking, remains confined to national markets. In many Member States the number, and the market share, of banks that operate in a truly nationwide fashion is rather small. Although banks' international operations have increased, credit risks are still predominantly related to domestic clients, and the repercussions of bank failures would be predominantly felt by domestic borrowers and depositors.

10. Assessing the internationalisation of euro area banks is a complex task because internationalisation can take a number of forms. One is via cross-border branches and subsidiaries. Although large-scale entry into foreign banking markets in Europe is still scarce, reflecting persisting legal, cultural and conduct-of-business barriers (less than 10% on average in terms of banking assets in the euro area; Table 1), there are significant exceptions. The assets of the foreign branches and subsidiaries of German and French banks account for roughly a third of the assets of their respective domestic banking systems (Table 2). The Dutch banking system is also strongly diversified internationally.

Another way to spread banking activity beyond national borders is consolidation. Cross-border mergers or acquisitions still seem to be the exception, although things have started to change. The recent wave of "offensive" and "defensive" banking consolidation has mainly developed within national industries, thus significantly increasing concentration, particularly in the smaller countries (Table 3); it may be related not so much to the direct impact of EMU as to globally intensified competition and the need to increase efficiency.

In the coming years internationalisation is likely to increase, because, with the euro, foreign entrants can now fund lending from their domestic retail deposit base or from euro-denominated money and capital markets. The relatively large number of foreign branches and subsidiaries already established could be a sufficient base for an expansion of international banking activity (Table 4) since a single branch, or a small number of branches, may be sufficient to attract customers, especially when they are served through direct banking techniques, such as telephone and Internet banking. Also, the cross-border supply of services on a remote basis is likely to spread as direct banking techniques develop. As to cross-border mergers and acquisitions aimed either at achieving a "critical mass" for wholesale financial markets, or at rapidly acquiring local expertise and customers in the retail sector, they may remain scarce because the cost savings from eliminating overlaps in the retail network are likely to be limited and the managerial costs of integrating different structures and corporate cultures are substantial.

11. However, banks' internationalisation does not provide the full picture of the interconnections of banking systems. As "multi-product" firms, banks operate simultaneously in many markets which have different dimensions: local, national, continental (or European) and global. The advent of the euro is likely to enlarge the market for many banking products and services to the continental dimension; this will "internationalise" even those banks that remain "national" in their branch networks and organisation.

The formation of the single money market in the euro area has largely taken place already. The dispersion in the euro overnight rate across countries, as reported by 57 so-called EONIA banks, fell in January from around 15 to 5 basis points. The variation between banks has been significantly greater than between countries. The TARGET system has rapidly reached the dimension of Fedwire, with a daily average value of payments of E1,000 billion, of which between E300 and E400 are cross-border. The ever stronger interbank and payment system links clearly increase the possibility of financial instability spreading from one country to another. Through these links the failure of a major bank could affect the standing of its counterparties in the entire euro area. On the other hand, the deeper money market could absorb any specific problem more easily than before.

As regards the capital markets, the effects of the euro will take more time to manifest themselves, but are likely to be substantial. The single currency offers substantial opportunities for both debt and equity issuers and investors. The increase in the number of market participants operating in the same currency increases the liquidity of the capital markets and reduces the cost of capital. The

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