Luigi De Rosa - International Banking and Financial Systems: Evolution and Stability

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INTERNATIONAL BANKING AND FINANCIAL SYSTEMS

International Banking and Financial Systems

Evolution and Stability

Contributors
Antonio Fazio, Jean-Claude Trichet
David Clementi, Vincenzo Desario,
Roger W. Ferguson, Cesare Geronzi
and
Philip L. Cottrell, Luigi de Rosa, Olivier Feiertag,
Carl-Ludwig Holtfrerich,
Ginette Kurgan-van Hentenryk, Pablo Martin-Acea,
Peter Mathias, Marco Onado, Henritte M. Prast,
Nuno Valrio

Edited by
Luigi de Rosa

Published in association with
Capitalia, Rome

First published 2003 by Ashgate Publishing

Reissued 2018 by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
711 Third Avenue, New York, NY 10017, USA

Routledge is an imprint of the Taylor & Francis Group, an informa business

Copyright The Contributors, 2003

The authors have asserted their moral right under the Copyright, Designs and Patents Act, 1988, to be identified as the authors of this work.

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:
Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Publishers Note
The publisher has gone to great lengths to ensure the quality of this reprint but points out that some imperfections in the original copies may be apparent.

Disclaimer
The publisher has made every effort to trace copyright holders and welcomes correspondence from those they have been unable to contact.

A Library of Congress record exists under LC control number: 2002074438

ISBN 13: 978-1-138-72492-1 (hbk)
ISBN 13: 978-1-315-19213-0 (ebk)

Contents

Guide

Figures

Tables

David Clementi, Deputy Governor of The Bank of England

Philip L. Cottrell, University of Leicester

Luigi De Rosa, Editor, The Journal of European Economic History

Vincenzo Desario , General Director of the Banca d'Italia

Antonio Fazio , Governor, Banca d'Italia

Olivier Feiertag, University of Paris-X, Nanterre

Roger W. Ferguson , Vice-Chairman, Board of Governors of the US Federal Reserve System

Cesare Geronzi, Chairman, Capitalia

Carl-Ludwig Holtfrerich, Free University, Berlin

Ginette Kurgan-van Hentenryk, Universit Libre, Brussels

Pablo Martin-Acea, University of Alcal

Peter Mathias , emeritus, Cambridge University

Marco Onado, University of Bologna

Henritte M. Prast , University of Amsterdam

Jean-Claude Trichet, Governor, Banque de France

Nuno Val rio, Technical University, Lisbon

Vincenzo Desario

The analysis that forms the first part of this volume deals with history in the traditional manner of international debate. Scholars from different countries meet to reflect on how essentially similar problems in banking and financial systems were addressed in the past, in different institutional, legal and economic circumstances. In the second part, some of the protagonists on the international financial scene offer important insights into the prospects for the money and financial markets as the new century gets under way.

Suffice it to recall the events organized in recent years to mark the foundation of a number of central banks. The Bank of Italy's centenary offered an opportunity to present the Bank's Historical Series, a history of Italy's monetary and financial past. The Bank of England's tercentenary saw the publication of important comparative studies of central banking; central banks and the evolution of their role were examined to mark the Bank of Portugal's 150th anniversary; on its 200th anniversary, the Bank of France organized a convention to debate 'European monetary identity'; and the Belgian central bank's first 150 years provided an opportunity to discuss the problem of growth in historical terms.

As the process of analysing and comparing experiences moves forward, the outline of a European monetary and financial history becomes increasingly clear.

I should now like to share some brief reflections, based partly on experience, on the topics central to this theme, and on risk in particular. Almost a century ago, in 1909, the United States National Monetary Commission chaired by Senator Aldrich met several times in Paris and laid the foundations for the establishment of the Federal Reserve. The key factor in creating support for the establishment of a United States central bank was the financial and banking crisis of 1907, when the absence of a lender of last resort had been felt.

Aldrich and his colleagues heard experts from various European countries. The Bank of Italy's economist and future Deputy Director General, Tito Canovai, was called on to describe the Italian scenario. His extensive report ranged from the crisis at the end of the nineteenth century and highlighted the importance of the reform of the issuing banks undertaken as part of the Italian readjustment programme. Canovai concluded by stating that 'Italy's banking system is a kind of experimental laboratory for banking diseases, which happily has recently been closed on account of the complete cure of the diseases'.

Canovai was, however, aware that, having reformed the issuing system, other challenges still remained. The problem of banking crises afflicted Italy and numerous other countries in the 1920s and 1930s. In 1933, IRI was established to The 1936 Banking Law, which reformed and supplemented that of 1926, introduced effective protection for depositors and imposed a strict separation between banking and industry. The same period saw other countries grapple, or grapple again, with the problem of the protection of savings: Spain in 1931, the United States in 1933, and Germany in 1934. After the Second World War, in Italy the principle of the protection of savings was embodied in the highest level of legislation, the Constitution of the Republic.

In the late 1940s and early 1950s there was a reorganization of the Italian banking system; new categories of bank were created with the aim of supporting economic growth. In the 1970s serious bouts of instability occurred in many countries, on both sides of the Atlantic. It was recognized that there was a need to act promptly to counter the improper conduct of some bankers. The foundations were laid for fruitful international cooperation among banking supervisors. The events, often highly dramatic, of the 1980s and 1990s led to a reassessment of the problems associated with systemic risk and the mechanisms of contagion. Objective parameters were developed with which to evaluate the soundness of banks. Major progress has been made at both the national and the international level to bolster stability. However, we cannot assume that the problem of financial crises is entirely behind us. The metaphor used in the past is instructive in this respect: the parallel drawn between banking crises and human sicknesses, between doctors and the 'rehabilitators' of banks (legislators, supervisors, economists and managers).

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