彼得森经济研究所-重要欧元区银行的治理和所有权(英文)-18页.pdfVIP

POLICY BRIEF 17-18 Governance bulk of these significant banks are government-owned or cooperatives, or uniquely influenced by one or several large and Ownership of shareholders, or otherwise prone to direct political influence. As a result, the public transparency of many banks is low, Significant Euro with correspondingly low market discipline; they have weak incentives to prioritize profitability; their ability to shore Area Banks up their balance sheets through either retained earnings or external capital raising is limited, resulting in insufficient capital flexibility; they take unnecessary risks due to political Nicolas Véron interference; and their links with governments perpetuate May 2017 the vicious circle between banks and sovereigns, which has been a key driver of the euro area crisis. Nicolas Véron is visiting fellow at the Peterson Institute for International Economics, and a senior fellow at Bruegel.