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Will they Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors

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Author Info

  • Marc Quintyn
  • Donato Masciandaro
  • María Nieto

Abstract

In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establishing a complex multiple principals-multiple agents network. This paper focuses on the network of national agencies. Starting from an analysis of supervisory architectures and governance arrangements, we assess to what extent lack of convergence could undermine efficient and effective supervision. The main conclusion is that harmonization of governance arrangements towards best practice would better align supervisors'' incentive structures and, hence, be beneficial for the quality of supervision.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/142.

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Length: 43
Date of creation: 01 Jul 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/142

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Related research

Keywords: Bank supervision; Banks; Budgetary policy; European Union; Financial sector; Financial systems; Monetary authorities; banking; financial supervision; banking supervision; financial regulation; supervisory authorities; supervisory agencies; supervisory framework; prudential supervision; securities markets; prudential regulation; good faith; supervisory regimes; banking supervisors; regulatory frameworks; banking regulation; supervisory process; banking sector; central banking; bank involvement; supervisory responsibilities; bank of spain; financial sector supervisors; internal audit; banking supervisor; bank supervisors; level playing field; supervisory agency; financial sector regulation; legal foundations; transparency standards; bank insolvency; capital adequacy; financial accountability; banking authority; financial sector assessments; bank publications; banking systems; financial intermediaries; legal frameworks; connected lending; supervisory frameworks; insurance supervisors; financial activity; banking publications; regulatory forbearance; bank supervisor; banking crisis management; integrated supervision; deposit insurance; supervisory arrangements; banking crisis; demonstration effect; enforcement powers; loan classification; banking license; financial sector supervision; bank access; monetary union; judicial authority;

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References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. , Richmond Law & Tax (ed.), 2005. "Banking Regulators," OUP Catalogue, Oxford University Press, number 9781904501367.
  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. Alessandro Gambini & Salim M. Darbar & Marco Arnone, 2007. "Banking Supervision," IMF Working Papers 07/82, International Monetary Fund.
  4. Cornelia Holthausen & Thomas Rønde, 2003. "Cooperation in International Banking Supervision," CIE Discussion Papers 2004-02, University of Copenhagen. Department of Economics. Centre for Industrial Economics.
  5. Martin Cihák & Wim Fonteyne, 2009. "Five Years After," IMF Working Papers 09/68, International Monetary Fund.
  6. Udaibir S. Das & Marc Quintyn, 2002. "Crisis Prevention and Crisis Management," IMF Working Papers 02/163, International Monetary Fund.
  7. 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.
  8. Lucia Dalla Pellegrina & Donato Masciandaro, 2008. "Politicians, central banks, and the shape of financial supervision architectures," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 16(4), pages 290-317, November.
  9. Prati, A. & Schinasi, G.J., 1999. "Financial Stability in European Economic and Monetary Union," Princeton Studies in International Economics 86, International Economics Section, Departement of Economics Princeton University,.
  10. Marc Quintyn, 2007. "Governance of Financial Supervisors and its Effects - a Stocktaking Exercise," SUERF Studies, SUERF - The European Money and Finance Forum, number 2007/4 edited by Morten Balling.
  11. 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.
  12. Donato Masciandaro, 2006. "E Pluribus Unum? Authorities' Design in Financial Supervision: Trends and Determinants," Open Economies Review, Springer, vol. 17(1), pages 73-102, January.
  13. International Monetary Fund, 2009. "A European Mandate for Financial Sector Supervisors in the EU," IMF Working Papers 09/5, International Monetary Fund.
  14. 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.
  15. David G. Mayes & María J. Nieto & Larry Wall, 2008. "Multiple safety net regulators and agency problems in the EU: Is Prompt Corrective Action partly the solution?," Banco de Espa�a Working Papers 0819, Banco de Espa�a.
  16. Prast, H.M., 2007. "Who pays for Banking Supervision?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-381468, Tilburg University.
  17. Michael Taylor & Marc Quintyn & Eva H. G. Hüpkes, 2005. "The Accountability of Financial Sector Supervisors," IMF Working Papers 05/51, International Monetary Fund.
  18. Michael Taylor & Marc Quintyn & Silvia Ramirez, 2007. "The Fear of Freedom," IMF Working Papers 07/25, International Monetary Fund.
  19. 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.
  20. Alicia Novoa & Steven A. Seelig, 2009. "Governance Practices At Financial Regulatory and Supervisory Agencies," IMF Working Papers 09/135, International Monetary Fund.
  21. Lastra, Rosa Maria, 2006. "Legal Foundations of International Monetary Stability," OUP Catalogue, Oxford University Press, number 9780199269341.
  22. Michael Taylor & Marc Quintyn, 2002. "Regulatory and Supervisory Independence and Financial Stability," IMF Working Papers 02/46, International Monetary Fund.
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Cited by:
  1. Schuetz, Sebastian Alexander, 2010. "Structured Finance Influence on Financial Market Stability – Evaluation of Current Regulatory Developments," MPRA Paper 23574, University Library of Munich, Germany.

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