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Designing a Regulatory and Supervisory Framework for Integrated Financial Markets

In: The Changing Geography of Banking and Finance

Author

Listed:
  • Giorgio Di Giorgio

    (Università LUISS Guido Carli, Facoltà di Economia)

  • Carmine Di Noia

    (Deputy Director General and Head of Capital Markets and Listed Companies at Associazione fra le Società Italiane per Azioni (Assonime).)

Abstract

The financial crisis that started in 2007 casts doubt on the ability of national laws and competent authorities to manage the stability of the financial system and to protect investors. This is due to the relevant evolving features of financial intermediation – like the cross-border strategies in banking – with many M&As undertaken, especially in Europe, and more in general the globalization of finance, also through the many recent operations among exchanges. The associated regulatory and supervisory challenges have proved to be difficult to tackle. An international perspective is needed on single banking regulatory instruments, even if it is impossible at this stage to imagine unique rules and single international authorities managing capital ratios, deposit insurance, reserve requirements and lending of last resort, as well as other tools for ensuring financial markets stability. However, some common principles on regulation and the structure of supervision may be stated both in US and in Europe: we suggest a “four peak” approach to the matter.

Suggested Citation

  • Giorgio Di Giorgio & Carmine Di Noia, 2009. "Designing a Regulatory and Supervisory Framework for Integrated Financial Markets," Springer Books, in: Alberto Zazzaro & Michele Fratianni & Pietro Alessandrini (ed.), The Changing Geography of Banking and Finance, edition 1, chapter 0, pages 215-232, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-98078-2_10
    DOI: 10.1007/978-0-387-98078-2_10
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