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Contributions to Political Economy Advance Access originally published online on April 3, 2008
Contributions to Political Economy 2008 27(1):73-89; doi:10.1093/cpe/bzn006
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© The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved

Financial Crisis Management in Europe and Beyond

Louis W. Pauly

University of Toronto, Toronto, Canada

Financial and capital market integration in Europe is now well-advanced, but it confronts a serious challenge in the design of workable arrangements for crisis prevention, management and resolution. The expansion of large, complex financial intermediaries exposes the limits of a supervisory regime based strictly on the traditional principle of home-country control. Contemporary European debates on last-resort lending, home-host supervisory responsibilities, and fiscal transfers clarify the fundamental challenge globalizing finance poses more generally for world order. Ultimately, they suggest the necessity of reliable, legitimate and effective instruments for financial burden sharing among integrating polities.


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