Financial crisis containment and its governance implications

Gruenewald, Seraina N.
December 2010
Journal of Banking Regulation;Dec2010, Vol. 12 Issue 1, p69
Academic Journal
This article analyzes financial crisis containment from a governance perspective. It depicts crisis containment decision-making as a technically highly challenging process that should be largely depoliticized. Deviating from the existing well-worn paradigms, the article argues that efficient financial crisis containment requires a clear institutional and legal framework with an explicit allocation of responsibilities and proper channels of accountability. It models a governance framework, the core of which is a crisis containment council. Shared responsibility and accountability on the part of the council members as they seek crisis containment would incentivize them to collaboratively decide on containment policies that correspond with the interests of social welfare.


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