Why Europe needs a banking charter

The authors of this IMF Working Paper argue that a full-fledged EU-level prudential regime that operates along-side national regimes - which they call a "European Banking Charter" - could harness market forces to establish a level playing field for financial sector competition, while plugging some significant gaps in Europe's financial stability framework without concentrating excessive powers.

The authors suggest that the current nationally-segmented supervisory frameworks and national

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