International Financial Integration and Fragmentation Drivers and Policy Responses

Madrid, Spain

March 12, 2013



In 2012, both in Cappadocia and in Beijing, we addressed the critical obstacles to recovery of the international economy through the themes of fragmentation and strained multilateralism. These discussions centered on debt overhangs, significant macroeconomic distortions, adverse incentives for adjustment and deficient governance structures that limit resolution of crises in Europe and the United States. At this conference we revisited the same topic but from EU perspective. Indeed, the crisis in the Eurozone had brought about a notable fragmentation of Europe’s financial system that at the time was slowly reversing. The ongoing policies, created new funding patterns, new players and caused important changes for global capital flows. At this conference participants highlighted the role of central bankers in this new financial landscape, from a regulatory and monetary policy standpoint. It was widely discussed that re-integration of financial markets was imperative to safeguard stability and minimize bank failures. Additionally a more integrated European corporate bond market and equity market could promote long-term investment when banks are deleveraging.



  • Alberto GIOVANNINI: Unifortune
  • Benoit COEURE: European Central Bank
  • David VERGARA: European Stability Mechanism
  • Fernando RESTOY: Banco de Espana
  • Ignazio ANGELONI: European Central Bank
  • Jean Pierre LANDAU: Sciences Po
  • Jean PISANI FERRY: Bruegel
  • John CLARK: Federal Reserve Bank of New York
  • Julio VELARDE: Banco Central de Reserva del Peru
  • Luis M. LINDE: Banco de Espana
  • Luiz PEREIRA: Banco central do Brasil
  • Marc UZAN: Reinventing Bretton Woods Committee
  • Pilar L’HOTELLERIE FALLOIS: Banco de Espana
  • Thomas HUERTAS: Ernst & Young
  • Thorsten BECK: University of Tilburg
  • William PERRAUDIN: Imperial College

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