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Despite the most recent period of calm on the financial markets, the long-term resilience of the European financial system is not yet assured, even several years after the financial crisis began. However, the stability of the financial system playsa crucial role for real economic development and consequently for growth and prosperity. The financial crisis has shown that stricter regulation is required to improve the stability and resilience of the banking system. Further, it has become evident in recent years that banking supervision requires better international coordination in this age of globalization. The present report first analyzes current developments with regard to the European banking system: what regulatory and institutional changes have been introduced since the crisis? How have market structures and the stability of the banking system developed? Second, the report proposes recommendations to further promote the stability of the banking system: the European banking sector has not been fully consolidated and this should be driven forward as a matter of urgency. The transparency of the new regulatory and institutional structure should be increased. The close ties between banks and governments must also be loosened further. Beyond the adjustments planned to date, policy makers should promote alternative financing sources for small and medium-size firms, e.g. the direct access to capital markets.

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This paper focuses on the consequences of cross-border banking and entry of multi-national banks (MNBs) for banking supervision and regulation. When a MNB expands internationally with subsidiaries, the MNB operates under the legislation of several countries - both the home country and the host countries. Although these countries have agreed upon minimum standards and supervisory principles, such as in the EU directives or the Basle Accords, substantial degrees of freedom are still left to the national regulators. An important issue is whether the decentralized approach to regulation of MNBs creates inefficiencies and financial instability. We show that lack of international coordination of regulation towards MNB-subsidiaries works to lower capital adequacy requirements. In equilibrium, however, regulators respond by increasing the incentives to improve asset quality, making the probability of banking failure insensitive to the decentralized nature of banking regulation. Ownership of the MNB is shown to be of importance for the outcome of regulatory competition. Finally, considering branch-organized MNBs, we derive comparative

Banks and businesses today often deal with so many different operations, it may be seem difficult to see the purpose of each and how they relate to each other or how they relate to our daily lives. Like individuals, businesses rely on banks, and when banks are not practical, they find other means for financing, or raising and managing funds. Readers examine the role of banks and the process of business financing as insightful text breaks down such terms as interest rate, capital, dividend, and much more.

© 2019 Elsevier Inc. The accountability of bank supervisors to the executive and the legislative branches of the government varies across countries and over time. Using cross-country panel data, we explore whether a banking crisis can affect these accountability arrangements. According to our results, supervisory accountability to the executive branch only becomes more likely following a banking crisis. Our contribution is to the nascent but important literature on the governance of bank supervisors.