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The EU Financial Market Policy: Evolution, Innovation and Research Outlook

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  • Zdenek Kudrna

Abstract

This paper reviews the process of regulatory integration in the financial markets of the European Union. It shows that the regulatory framework for the single market in financial services has progressed in stages reflecting the evolution of EU policy-modes; from market opening to attempts at harmonization, to reliance on mutual recognition. The slow progress induced the EU to innovate its decision-making processes by introducing the Lamfalussy procedure in 2001. The new procedure accelerated the adoption of new regulations and is being adapted to ensure consistent enforcement across all EU jurisdictions. The next round of challenges to regulatory integration will stem from weak crisis management mechanisms revealed by the current crisis.

Suggested Citation

  • Zdenek Kudrna, 2009. "The EU Financial Market Policy: Evolution, Innovation and Research Outlook," Working Papers of the Vienna Institute for European integration research (EIF) 4, Institute for European integration research (EIF).
    • Handle: RePEc:erp:eifxxx:p0007
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    References listed on IDEAS

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    1. De Visscher, Christian & Maiscocq, Olivier & Varone, Frã‰Edã‰Eric, 2008. "The Lamfalussy Reform in the EU Securities Markets: Fiduciary Relationships, Policy Effectiveness and Balance of Power," Journal of Public Policy, Cambridge University Press, vol. 28(1), pages 19-47, April.
    2. Jean Dermine, 1996. "European banking integration, ten years after," European Financial Management, European Financial Management Association, vol. 2(3), pages 331-353, November.
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    Cited by:

    1. Chen-Min Hsu & Chih-Feng Liao, 2010. "Financial Turmoil in the Banking Sector and the Asian Lamfalussy Process: The Case of Four Economies," Working Papers id:3121, eSocialSciences.
    2. Norbert Walter & Steffen Kern, 2011. "Politikberatung im EU-Finanzbinnenmarkt: vom Lamfalussy-Prozess zur europäischen Aufsicht," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 80(1), pages 91-105.
    3. Chen-Min Hsu & Chih-Feng Liao, 2010. "Financial Turmoil in the Banking Sector and the Asian Lamfalussy Process : The Case of Four Economies," Finance Working Papers 22755, East Asian Bureau of Economic Research.

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