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

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  • Zdenek Kudrna
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    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.

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    File URL: http://www.eif.oeaw.ac.at/downloads/workingpapers/wp2009-04.pdf
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    Bibliographic Info

    Paper provided by Institute for European integration research (EIF) in its series Working Papers of the Vienna Institute for European integration research (EIF) with number 4.

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    Date of creation: 15 Aug 2009
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    Handle: RePEc:erp:eifxxx:p0007

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    Web page: http://www.eif.oeaw.ac.at

    Related research

    Keywords: financial markets; Euro; harmonisation; harmonisation; political science; regulation; regulatory politics; joint decision making;

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    1. Jean Dermine, 1996. "European banking integration, ten years after," European Financial Management, European Financial Management Association, vol. 2(3), pages 331-353.
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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," Finance Working Papers 22755, East Asian Bureau of Economic Research.
    2. 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.

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