01749cas a2200241 a 4500 AALejournalIMF009359 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867237 1018-5941 BD-DhAAL BD-DhAAL Fonteyne, Wim. Cooperative Banks in Europe-Policy Issues / Wim Fonteyne. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (68 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper explains the continuing success of European cooperative banks through evolving comparative advantages. It points out that a cooperative is built around an intergenerational endowment without final owners, which creates particular governance challenges. Risks include the use of the endowment for purposes other than members' best interest, such as empire-building, and attempts at appropriation. The risk of empire-building is reinforced by mechanisms that foster capital accumulation and asymmetric opportunities for consolidation. The paper concludes that some form of independent external oversight of corporate governance is warranted and that cooperatives need mechanisms enabling them to better manage their capital. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2007/159 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/159/001.2007.issue-159-en.xml IMF e-Library