The SSM, banking union and the future of prudential policy in Europe

Ignazio Angeloni

The past decade has proven to be an extraordinary period for financial markets in Europe and beyond. Until 2007, a wave of optimism pervaded international financial markets; a phase that today is referred to as one of excessive risk-taking, or risk undervaluation. From the middle of 2007, and even more after September 2008, the pendulum swung violently to the other side. Risk aversion prevailed for several years, occasionally punctuated by phases of genuine ‘risk terror’. Markets for money, bond

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