In response to the major financial crisis that took place in European Union region, both the banking system and the supervisory structure of the region took stern measures to put in corrective checks. However it can be debated whether the measures were adequate and what more or different could have been done in the prevailing situation. The debt crisis exposed structural weakness in some of the countries of the region, primary being the unsustainable levels of both public and private debt. The financial crisis was also able to expose the systematic shortcomings in the detailed architecture of the monetary and economic union in the region. National Governments of the region along with institutions took slew of measures to safeguard the financial stability and also to strengthen the architecture of the institutions (Arezki, 2011).
The complexity of financial integration in the Euro zone and the significance of the same cannot be decoded without understanding the complex structure on which the Euro zone is standing. The establishment of the single currency in the region followed by the Governance structure leads to formation of contagion on the whole region even if the small part of the whole region is making trouble (Ruffert, 2011).
Capital market reactions are one of the major indicators, but it is a not the right place to play with. It is a secondary market and hence will react to any information released by the company be it financial performance or details about accounting policies. Announcements which are perceived to maximize shareholders value is considered to be positive and hence share price rise, however announcements which erodes shareholders value tend to have negative impact on the stock prices. However it is not in the interest of the company to twinkle with such information’s to gain returns in the stock market as it is against the CPA code of conduct. Information about the organization should be presented as is to the shareholders and the transparency in the system is considered to be of prime importance. The structure of The European Union and its banking structure is based on the framework that each member country will support the existence of the other in times of crisis. However in the current situation countries like Germany which have healthy GDP to debt ratio are financing the needs of country like Greece and Spain which are struggling in the region. This has led to rise of the question whether the structure is good enough to survive the down time.
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