Lessons learned from the financial crisis for financial stability and banking supervision

The financial crisis that began in 2007 has revealed a need for a new supervisory and regulatory approach aimed at strengthening the system and containing the risk of future financial and economic disruptions. Three ingredients are needed to ensure financial stability: robust analysis, better regulation, and international cooperation. First, financial stability analysis must be improved to take full account of the different sources of systemic risk. Data coverage of the balance sheets of both non-bank financial institutions and the non-financial sectors should be increased. Moreover, to address the problems raised by the interconnections among financial institutions more granular and timely information on their exposures is needed. There must be further integration of macro- and micro-information and an upgrading of financial stability models. The second ingredient is the design of robust regulatory measures. Under the auspices of the G20 and the Financial Stability Board, the Basel Committee on Banking Supervision recently put forward substantial proposals on capital and liquidity. They will result in more robust capital base, lower leverage, less cyclical capital rules and better control of liquidity risk. Finally, the third ingredient is strong international cooperation. Ensuring more effective exchanges of information among supervisors in different jurisdictions and successful common actions is key in preserving financial integration, while avoiding negative cross-border spill-overs. Better resolution regimes are part of the efforts to ensure that the crisis of one institution does not impair the ability of the financial markets to provide essential services to the economy.financial crisis, international cooperation, macroprudential analysis, procyclicality, prudential regulation, stress tests

Islamic finance and conventional financial systems. Market trends, supervisory perspectives and implications for central banking activity

The paper analyses Islamic finance from the central bank and supervisory authorityÂ’s perspective, focusing on the European and Italian context. It depicts a rapidly expanding sector, with recent annual growth rates of between 10 and 15 percent and a geographical presence that now reaches several Western countries. Future prospects, however, could be hampered by problems concerning the standardization of products, governance structure, supervisory regulation, monetary policy instruments, and liquidity management. Islamic intermediaries are not necessarily riskier than traditional counterparts but their operational structure tends to be more complex. Key issues in supervision include the treatment of investment accounts and transparency. It has been seen that there are limits to the efficiency of the monetary policy instruments developed so far to remedy the prohibition of interest; moreover, the growth of interbank and money markets is hindered by a shortage of "Shari'ah-compliant" products. Problems arising from the participation of Islamic banks in payment systems are also discussed.Islamic finance, Islamic financial institutions, supervision, monetary policy instrments, payment systems

Il danno indiretto

Il capitolo, inserito nella sezione dedicata alle fattispecie di responsabilità amministrativo-contabile, descrive analiticamente gli elementi costitutivi del danno erariale indiretto e le questioni problematiche sollevate dall'istituto. In particolare si ricostruiscono i rapporti tra giudizio risarcitorio in sede ordinaria e azione di rivalsa contabile, compresa la possibilità di utilizzare le prove raccolte nel primo giudizio all'interno del secondo, la possibile concorrenza della rivalsa civilistica e dell'azione di responsabilità amministrativa e la querelle giurisprudenziale sul dies a quo di decorrenza del termine di prescrizione dell'azione innanzi alla Corte dei conti, offrendo soluzioni precarie ma possibilmente innovative ai profili critici ancora insoluti