2017. 1 Non-Performing Loans
2017. 1
EUROPEAN ECONOMY
Banks, regulation, and the real sector
Giorgio Barba Navaretti, University of Milan, Chief editor Giacomo Calzolari, University of Bologna, Co-editor Alberto Pozzolo, University of Molise, Co-editor
Non-Performing Loans
Preliminary draft: 27th June 2017
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What is European Economy
European Economy ? Banks, Regulation, and the Real Sector (europeaneconomy.eu) is a new on line journal to encourage an informed and fair debate among academics, institutional representatives, and bankers on the regulatory framework and its effects on banking activity and the real economy. It is an independent journal, sponsored by Unicredit Group.
The journal aims at becoming an outlet for research and policy based pieces, combining the perspective of academia, policy making and operations. Special attention will be devoted to the link between financial markets and the real economy and how this is affected by regulatory measures. Each issue concentrates on a current theme, giving an appraisal of policy and regulatory measures in Europe and worldwide. Analysis at the forefront of the academic and institutional debate will be presented in a language accessible also to readers outside the academic world, such as government officials, practitioners and policy-makers.
This issue of European Economy presents and discusses the foremost proposals of State supported vehicles like Asset Management Companies, system-wide securitization schemes and other solutions to deal with the very large backlog of European Non-Performing Loans (NPLs) brought forward by the main international organizations and prominent scholars. Part of this backlog will be resolved through market based solutions. But in many cases, because of the deadly mix between market failures and banks' resolutions and recoveries, State supported schemes are also necessary. These schemes, even though national, will have to be based on a common European blueprint, to favour a rapid and smooth recovery of the banking sector. This issue takes stock of all the main proposals on the table, highlighting their many common ingredients and the questions still to be sorted out. A meta solution based on a sound compromise between these is necessary and technically and politically feasible. The issue discusses how.
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Table of contents
From the Editorial Desk
Getting rid of NPLs in Europe
by Giorgio Barba Navaretti, Giacomo Calzolari, Alberto Franco Pozzolo
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Numbers
by Jos? Manuel Mansilla-Fern?ndez
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Institutions
by Jos? Manuel Mansilla-Fern?ndez
33
A Bird Eye (Re)view of Key Readings
by Jos? Manuel Mansilla-Fern?ndez
39
Proposals
Completing the Repair of the EU Banking Sector- A Critical Review of an EU Asset Management Company
by Andrea Enria, Piers Haben, and Mario Quagliariello
51
A Role for Systemic Asset Management Companies in Solving Europe's NonPerforming Loan Problems
by John Fell, Maciej Grodzicki, Reiner Martin, and Edward O'Brien
63
A Strategy for Resolving Europe's Problem Loans
by Shekhar Aiyar, Wolfgang Bergthaler, Jose M. Garrido, Anna Ilyina, Andreas (Andy) Jobst, Kenneth Kang, Dmitriy Kovtun, Yan Liu, Dermot Monaghan, and Marina Moretti
75
Utilizing AMCs to Tackle the Eurozone's Legacy Non-Performing Loans
by Emilios Avgouleas and Charles Goodhart
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Why We Need to Breach the Taboos on European Banks' Non-Performing Loans
by Brunella Bruno, Giuseppe Lusignani, and Marco Onado
97
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Discussion
Reducing Non-Performing Loans in Europe
by Ralph De Haas, Bojan Markovic and Alexander Plekhanov
107
Non-Performing Loans and State Aid Rules
by Christophe Galand, Wouter Dutillieux, and Emese Vallyon
117
Resolution Strategies for Non-Performing Loans: A Post-Crisis European Perspective
by Helen Louri
135
Systemic Solutions to Systemic Crises. Dealing with NPLs in the Eurozone
by Rym Ayadi, Giovanni Ferri, and Rosa M. Lastra
145
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From the Editorial Desk
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