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The Impact of the Current Fiscal Crisis in the Euro Area on the Greek Banking System and the Measures Adopted to Safeguard its Stability: An Institutional, Supervisory and Regulato

Pages
66
2016 / No. 1
Digital Edition

The Impact of the Current Fiscal Crisis in the Euro Area
on the Greek Banking System
and the Measures Adopted to Safeguard its Stability:
An Institutional, Supervisory and Regulatory Perspective

Christos V. Gortsos
Professor of International Economic Law at the Panteion University of Athens



The present study examines the impact of the current fiscal crisis in the euro area on the Greek banking system and the measures adopted to preserve its stability. It is divided into 3 Sections: (a) Section 1 contains an overview of the causes of the recent (2007-2009) international financial crisis and the current fiscal crisis in the euro area and their differentiated impact on the Greek banking system. (b) Section 2 deals with the institutional, supervisory and regulatory measures adopted to safeguard the stability of the Greek banking system from 2008 (amidst the recent international financial crisis) until the establishment of the European Banking Union in 2014. (c) Finally, Section 3 briefly overviews the main elements of the current institutional and regulatory framework governing banking stability in the European Union and the impact of its provisions on the Greek banking system.

[This paper is based on a presentation made at the 22nd Forum Financial Market Regulation (URPP Financial Market Regulation, Universität Zürich) on 10 March 2016. Special thanks are extended to the participants in this Forum for valuable comments and interesting questions, as well as to Christina Livada, Vassilis Panagiotidis, Nikos Maragopoulos, Dimitris Vovolinis, Irini Parasyri and Sylvia Filippaki for their particularly useful remarks and suggestions, as well as to Katerina Lagaria for the editing of the text. The cut-off date for data included in this paper is 20 April 2016.]