How to avoid taxpayers paying for bank failures and banking crises? This book provides a proposal and a critique by twelve independent experts. It is addressed particularly to the threat posed in Europe by having large international banks, a history of bailouts and limited means of resolving any future banking crises. It shows how political imperatives and legal constraints currently result in ecomic losses in many countries round the world. THORSTEN BECK World Bank, Washington DC BETHANY BLOWERS Analyst in the Domestic Finance Division, Bank of England HENK BROUWER Executive Director of De Nederlandsche Bank PEIK GRANLUND Lawyer in the Finnish Financial Supervisory Authority CHRISTOS HADJIEMMANUIL Senior Lecturer in Law, London School of Ecomics LIISA HALME Chief Legal Cousel, Financial Supervisory Authority of Finland GERBERT HEBBINK Senior Ecomist at the Financial Stability Department of De Nederlandsche Bank EVA HPKES Head of Regulation, Legal Department of the Swiss Federal Banking Commission EIGIL MLGAARD Legal and Financial Adviser, formerly Director General of the Danish Financial Supervisory Authority JN SIGURSSON President and Chief Executive, Nordic Investment Bank GARY STERN President, Federal Reserve Bank of Minneapolis SANDRA WESSELING Senior Ecomist,, Directorate Supervision of De Nederlandshe Bank GARY YOUNG Senior Research Manager, Domestic Finance Division, Bank of England
DAVID G. MAYES is Advisor to the Board of the Bank of Finland and Professor of Economics at London South Bank University. He was previously Chief Manager and Chief Economist at the Reserve Bank of New Zealand. He is Honorary Professor at the University of Stirling and Adjunct Professor at the University of Canterbury. AARNO LIUKSILA is the Director of IA Management, based in Washington. Until recently, he worked for the legal service of the International Monetary Fund.