OECD Journal: Financial Market Trends

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The articles in Financial Market Trends focus on trends, structural issues and developments in financial markets and the financial sector.


Managing Crises without Government Guarantees

How Do We Get There?

Experience illustrates that, for successful crisis management, there is no substitute for early intervention and, if possible, a private sector solution in preserving value in the firm and limiting externalities. Early intervention, in turn, calls for strong supervision. Even with a much stronger cross-border resolution process, some type of contingent arrangements in reserve will continue to be necessary. Despite their associated problems, guarantees and market backstops have been an important element in preserving liquidity and restoring market functionality and it would be difficult to manage financial crises without them. Other forms of intervention are likely to be more intrusive.


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