The Federal Reserve Board on Friday launched the 2013 capital planning and stress testing program, issuing instructions to firms with timelines for submissions and general guidelines. The program includes the Comprehensive Capital Analysis and Review (CCAR) of 19 firms as well as the Capital Plan Review (CapPR) of an additional 11 bank holding companies with $50 billion or more of total consolidated assets.

Different economic and financial structures require different crisis responses. Different crises also require different tools and resources. The first ‘stage' of the financial crisis (2007-09) was similar on both sides of the Atlantic, and the response was also quite similar. The second stage of the crisis is unique to the euro area. Increasing financial disintegration within the region has forced the ECB to become the central counterparty for the entire cross-border banking market and to intervene in the sovereign bond market of some stressed countries.

Members of SIFMA's Economic Advisory Roundtable forecast that the U.S. economy will grow at 2.1 percent rate in full-year 2012 and will grow at a rate of 2.1 percent in 2013. This outlook is slightly weaker than at end-year 2011, when the Roundtable predicted a growth rate of 2.2 percent in 2012. Concerns over European sovereign debt and U.S. fiscal policy dominate the outlook.

We examine the impact of banks' exposure to market liquidity shocks through wholesale funding on their supply of credit during the financial crisis in the United States. We focus on mortgage lending to minimize the impact of confounding demand factors that could potentially be large when comparing banks' overall lending across heterogeneous categories of credit. The disaggregated data on mortgage applications that we use allows us to study the time variations in banks' decisions to grant mortgage loans, while controlling for bank, borrower, and regional characteristics.

The study examined online capabilities in four primary areas: home page; personal product landing pages; products and services; and online account opening. The study examined the websites for 32 separate "industry standard" capabilities. None of the 20 banks currently provide all 32 capabilities.

La crisis financiera mundial, que se inició en Estados Unidos como una crisis de deuda subprime y que, posteriormente, ha pasado por una serie de etapas diferentes -la última de las cuales ha sido la crisis de la deuda soberana de la zona del euro- alteró significativamente la trayectoria de crecimiento en Estados Unidos y en la zona del euro. Tras una severa recesión y una recuperación relativamente discreta, en los próximos años se prevé un período de moderado crecimiento. Por consiguiente, varios analistas han comparado la situación que atraviesan actualmente Estados Unidos y la zona del euro con la llamada «década perdida» de Japón en los años noventa, el episodio más reciente en el que una economía avanzada experimentó un prolongado ajuste de los balances sectoriales, una persistente debilidad de la actividad económica, un rápido aumento de la deuda pública y una acusada y duradera corrección a la baja de los precios de los activos.

The Financial Stability Oversight Council (FSOC) is the newly created macro-prudential supervisory agency in the US, charged with safeguarding the US economy from future financial crises. It has made important strides in developing this newly defined policy field. A year and a half after its creation much work nevertheless remains to implement the nascent agency's responsibilities as outlined in the Dodd Frank Act. Non-bank systemically important financial institutions (SIFIs) and systemically important financial market utilities (FMUs) have yet to be subject to enhanced supervision. Systemic risk identifiers and measurements continue to be a work in progress.