Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Nieto’

Facing the Fourth Industrial Revolution

Posted by hkarner - 19. Januar 2016

Photo of Enrique Peña Nieto

Enrique Peña Nieto is President of Mexico.

JAN 18, 2016, Project Syndicate

MEXICO CITY – The current era of innovation, in which cutting-edge technologies are disrupting entire economic sectors at a breathtaking rate, has been called the Fourth Industrial Revolution. It is also the theme of the World Economic Forum’s annual meeting this week in Davos, Switzerland – and rightly so. In the coming years, the scope and pace of innovation will transform how we produce, distribute, and consume. To maximize the benefits, we must take steps now to prepare our economies and societies, with a focus on three key areas: education, the business environment, and connectivity.

Human capital is vital to an economy’s success, and Mexico is no exception. That is why my government is focusing so heavily on improving education at all levels. Den Rest des Beitrags lesen »

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Will bank supervision in Ohio and Austria be similar? A transatlantic view of the Single Supervisory Mechanism

Posted by hkarner - 23. März 2013

María J Nieto
Why just Ohio and AUSTRIA? (hfk)

Senior Advisor, Banco de España

Professor of Economics, Rutgers University

María J Nieto, Eugene N. White, 22 March 2013, voxeu

The euro cannot have a centralised monetary authority and decentralised bank supervision. This column draws on US banking history, detailing how a banking crisis in the nineteenth century led to the creation of dual systems of bank supervision. The US system was imperfect, and the central role and powers of the ECB within the Single Supervisory Mechanism will be to limit the weaknesses of a dual system of supervision. Despite this, hazards remain. For those looking for a guide to the potential threats to financial stability under this system, understanding the US experience is relevant.

At the inception of the euro, it was thought possible to have a centralised monetary authority and decentralised bank supervision, but the inability to separate sovereign-debt problems from those of bank stability has led the leaders of the member states of the EU to agree to centralise supervision in the Single Supervisory Mechanism. While the details will be published in a Council Regulation this spring, it appears that it will be a ‘dual system’ of bank supervision with oversight powers for both the ECB and national supervisors. The similarity between European developments and the historical evolution of the US system of bank supervision suggests that there are important insights to be gained from a transatlantic perspective. Since the foundation of the modern US regime was laid in 1864, the US has managed a dual system with varying degrees of success. The differences and similarities with the Single Supervisory Mechanism point to the challenges ahead. Den Rest des Beitrags lesen »

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