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23 - Banking Regulation in Europe

From Reaction to Thinking Ahead

from Part IV - Financial Integration

Published online by Cambridge University Press:  28 September 2023

By
Katarzyna Parchimowicz
Edited by
Dariusz Adamski ,
Fabian Amtenbrink  and
Jakob de Haan
Dariusz Adamski
Affiliation:
University of Wroclaw
Fabian Amtenbrink
Affiliation:
Erasmus Universiteit Rotterdam
Jakob de Haan
Affiliation:
University of Groningen
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Summary

This chapter explores the evolution of banking regulation in Europe, underlining the shift in regulatory trends, from a reactive approach to a more forward-looking one. Originally, banking law reforms constituted immediate reactions to regulatory flaws and omissions revealed by each respective financial downturn. The Great Depression exposed the need to introduce deposit insurance, along with the first capital requirements. The Global Financial Crisis drew regulatory attention to systemic risk, and so an array of legal solutions was adopted with the aim of mitigating it. Recently, this tendency has been changing. Regulators take more proactive steps. This became apparent in the context of the COVID-19 pandemic, when many of their actions were tailored to prevent a banking crisis from materializing. Similarly, with regard to climate risk, both adopted and proposed solutions are highly future-oriented. In the light of digital innovation in banking, regulators choose to act pre-emptively. This is especially visible in their quest to regulate relations between cloud providers and banks.

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Information
The Cambridge Handbook of European Monetary, Economic and Financial Integration , pp. 421 - 442
Publisher: Cambridge University Press
Print publication year: 2023

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