The United Kingdom’s exit from the European single market on January 1 has sent trade in goods plummeting amid much confusion. By contrast, Brexit was carried out in an orderly manner in the financial sector, despite significant movement of trading...
Wirecard AG, the Munich-based payments and financial services company that was a member of the DAX index of Germany’s 30 leading blue-chip stocks, collapsed spectacularly and filed for insolvency on June 25. Among many lessons, this disaster has revealed major gaps in audit...
Two reports published in early 2020 shed new light on this challenge. The European Central Bank’s (ECB) risk report on less-significant institutions is the first of what is intended to be an annual series. The impact assessment study on the most important differences between...
As the COVID-19 pandemic and policy reactions have disrupted markets, bankers on both sides of the Atlantic have called for the relaxation of accounting standards introduced in the wake of the 2007-08 global financial crisis. This set of standards is known as expected credit loss...
