| Popis: |
This study was drafted during the preparation of the Fifth Joint High-Level Eurosystem – Bank of Russia Seminar hosted by the OeNB in Vienna on March 11–12, 2009. The first part of the study illustrates developments in the euro area, where the financial sector suffered to some extent from spillover effects from the first waves of the subprime crisis and later more substantially from the demise of Lehman Brothers. While rescue actions taken by national authorities and the ECB mitigated crisis effects, current challenges arise from a cyclical deterioration of credit quality and further adverse developments in global financial markets. The study highlights the considerable exposure of euro area banks to emerging Europe in general and their more modest exposure to Russia in particular. It then discusses developments in Russia: Embarking from a quite favorable macroeconomic environment, Russia was caught up in the global financial turbulences only in recent months, but the impact was heavy and exacerbated by structural weaknesses of the Russian economy. The Russian authorities’ crisis response measures have been substantial and contributed to staving off a systemic banking crisis, but the sector remains fragile. The paper concludes with comments on lessons learnt: Confidence – which is the foundation of the financial system – needs to be restored. Structural and institutional problems have to be addressed adequately. Interbank markets should be made more resilient to shocks. |
