000			01613cam a2200157 4500500
005			20250112031720.0
041			_afre
042			_adc
100	1	0	_aSchoenmaker, Dirk _eauthor
245	0	0	_aAre European Banks Retreating?
260			_c2017.
500			_a8
520			_aAfter the crisis, European banks seem to be retreating from global banking. Moreover, they leave the investment banking market to the large US investment banks. But are these reports correct? Our findings show that the global Asian banks are not affected, while the large US banks resumed business after a swift and decisive recapitalisation in March 2009. The European picture is mixed. Global banks from the UK and Switzerland experienced a major downsizing and reduction in global reach. Euro-area banks have an intermediate position: they show a moderate downsizing but upheld their geographical reach.Policy-makers face a choice. We recommend completing Banking Union with the ECB as prudential supervisor and the ESM as fiscal backstop. That would bring the euro-area at par with the US and China, which can provide a credible fiscal backstop to their banking system. Following Brexit, we suggest that the European Securities Markets Authority should become the central markets supervisor to support vibrant capital markets, where not only US investment banks but also European banks can play a role.JEL Codes: F36, F38, G21, G23, G28.
786	0		_nRevue d'économie financière | 125 | 1 | 2017-04-01 | p. 105-118 | 0987-3368
856	4	1	_uhttps://shs.cairn.info/journal-revue-d-economie-financiere-2017-1-page-105?lang=en
999			_c156623 _d156623