SYstemic Risk TOmography: Signals, Measurements, Transmission Channels, and Policy Interventions
Date du début: 1 mars 2013,
Date de fin: 29 févr. 2016
During the second half of 2011 sovereign and banking risks increased in the Eurozone in an environment of weakening macroeconomic growth prospects. Contagion effects have become substantial also accelerated by the interplay between vulnerability of public finances and financial sector. Furthermore, bank funding pressures increased markedly thus feeding the fear of the Euro crash.The SYRTO project aims at exploring the relationships between sovereigns – banks and other financial intermediaries (BFIs) – corporations of the European Union with the following objectives:1. Identify the common (”fundamental”) and the sector-specific (idiosyncratic) risks, and assemble an Early Warnings System (EWS) to be used as risk barometer for each sector and countries alike, in order to identify potential threats to financial stability, and as a system of rule of thumbs by monitoring a series of leading indicators so as to minimise the possible negative impacts from systemic crises, preventing contagion effects also including the appropriate mechanisms to restore systemic crisis problems.2. Explore policy and monetary issues relative to systemic risk developing a “SYRTO Code” in order to detect a series of recommendations, also expressed in terms of EWS prescriptions, on the appropriate governance structures for EU to prevent and minimise systemic risks, and on the best mechanisms for ensuring an effective interplay between, and coordination of, macro and micro-prudential responsibilities.SYRTO is conceived, articulated and devoted to lay the foundations for a better macro-economic and monetary integration in Europe.The expected impacts of the project are directed towards the developing of conceptual and analytical underpinnings for efficient macroprudential policies in order to reshaping the European economy and strengthening the political unity of the EU.
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