Europe could learn from Germany’s macro-prudential approach


When the financial crisis broke out in 2007, numerous financial institutions suffered losses on structured securities, bringing some to the verge of collapse. At the same time, misalignments such as an erosion of credit standards for mortgage loans in the US, questionable practices in assigning credit ratings and weaknesses in the business models of some banks came to light. With the spread of the turmoil following the bankruptcy of Lehman Brothers in September 2008, distress escalated into a

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