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Exploring governance of the new European Banking Authority—A case for harmonization?

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  • Masciandaro, Donato
  • Nieto, Maria J.
  • Quintyn, Marc

Abstract

In the context of the proposed EU financial supervisory reforms, this paper focuses on the governance of the network of national supervisory banking agencies and the newly established Community supervisor (European Banking Authority, EBA). We assess to what extent lack of governance convergence nationally and with EBA could undermine the incentives for cooperation among supervisors. Convergence should particularly focus on (i) the issue of the presence of politicians on decision-making bodies; (ii) the need for clearly defining dismissal procedures of heads of supervision; (iii) autonomy from government in regulatory matters; (iv) supervisory autonomy in matters of licensing and withdrawing licenses; (iv) mechanisms for judicial accountability; (v) legal protection for supervisors handling in good faith. In the absence of full centralization of prudential supervision, early harmonization of national governance arrangements towards best practice would better align supervisors' incentive structures and, hence, be beneficial for the effectiveness of European supervision.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Financial Stability.

Volume (Year): 7 (2011)
Issue (Month): 4 (December)
Pages: 204-214

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Handle: RePEc:eee:finsta:v:7:y:2011:i:4:p:204-214

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Web page: http://www.elsevier.com/locate/jfstabil

Related research

Keywords: Financial supervision EU integration Supervisory architectures and governance;

References

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  1. Donato Masciandaro & Maria Nieto & Marc Quintyn, 2009. "Financial supervision in the EU: is there convergence in the national architectures?," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 17(2), pages 86-95, May.
  2. Donato Masciandaro & Maria J. Nieto & Henriette Prast, 2007. "Who pays for banking supervision? Principles and trends," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 15(3), pages 303-326, July.
  3. Masciandaro, Donato & Quintyn, Marc, 2008. "Helping hand or grabbing hand?: Politicians, supervision regime, financial structure and market view," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 153-173, August.
  4. Alicia Novoa & Steven A. Seelig, 2009. "Governance Practices At Financial Regulatory and Supervisory Agencies," IMF Working Papers 09/135, International Monetary Fund.
  5. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
  6. Michael Taylor & Marc Quintyn & Silvia Ramirez, 2007. "The Fear of Freedom," IMF Working Papers 07/25, International Monetary Fund.
  7. Masciandaro, Donato & Quintyn, Marc & Taylor, Michael W., 2008. "Inside and outside the central bank: Independence and accountability in financial supervision: Trends and determinants," European Journal of Political Economy, Elsevier, vol. 24(4), pages 833-848, December.
  8. Mayes, David G. & Nieto, María J. & Wall, Larry, 2008. "Multiple safety net regulators and agency problems in the EU: Is Prompt Corrective Action partly the solution?," Journal of Financial Stability, Elsevier, vol. 4(3), pages 232-257, September.
  9. Udaibir S. Das & Marc Quintyn, 2002. "Crisis Prevention and Crisis Management," IMF Working Papers 02/163, International Monetary Fund.
  10. Marc Quintyn, 2007. "Governance of Financial Supervisors and its Effects - A Stocktaking Exercise," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  11. Masciandaro, Donato, 2009. "Politicians and financial supervision unification outside the central bank: Why do they do it?," Journal of Financial Stability, Elsevier, vol. 5(2), pages 124-146, June.
  12. María J. Nieto & Garry J. Schinasi, 2008. "EU framework for safeguarding financial stability: Towards an analytical benchmark for assessing its effectiveness," Banco de Espa�a Occasional Papers 0801, Banco de Espa�a.
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