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SYstemic Risk TOmography: Signals, Measurements, Transmission Channels, and Policy Interventions

Objective

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.

Call for proposal

FP7-SSH-2012-2
See other projects for this call

Funding Scheme

CP-FP - Small or medium-scale focused research project

Coordinator

UNIVERSITA DEGLI STUDI DI BRESCIA
Address
Piazza Mercato 15
25121 Brescia
Italy
Activity type
Higher or Secondary Education Establishments
EU contribution
€ 731 080
Administrative Contact
Roberto Savona (Prof.)

Participants (4)

CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE CNRS
France
EU contribution
€ 333 576
Address
Rue Michel Ange 3
75794 Paris
Activity type
Research Organisations
Administrative Contact
Alain Mangeol (Mr.)
ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS - RESEARCH CENTER
Greece
EU contribution
€ 264 120
Address
Kefallinias Street 46
11251 Athens
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Marie Marinopoulou (Dr.)
UNIVERSITA CA' FOSCARI VENEZIA
Italy
EU contribution
€ 553 048
Address
Dorsoduro 3246
30123 Venezia
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Federica Fasolato (Dr.)
STICHTING VU
Netherlands
EU contribution
€ 591 240
Address
De Boelelaan 1105
1081 HV Amsterdam
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Marga Nijhof-Van Der Struik (Mrs.)