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A European Mandate for Financial Sector Supervisors in the EU

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  • Daniel C. L. Hardy
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    Abstract

    The EU is deliberating the introduction of an explicit "European mandate" for financial sector supervisors to supplement national mandates. Suggestions are made on (i) the formulation of a European mandate; (ii) the policy areas to which it should apply; (iii) which institutions should be given a European mandate; (iv) the legal basis for the mandate; (v) how to implement the mandate in practice; and (vi) how to achieve accountability for fulfilling a European mandate. Decisions on these issues are needed if the introduction of a European mandate is to have a substantive positive effect.

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    File URL: http://www.imf.org/external/pubs/ft/wp/2009/wp0905.pdf
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/5.

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    Length: 30 pages
    Date of creation: 15 Jan 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/5

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    References

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    1. Garry J. Schinasi & María Nieto, 2007. "EU Framework for Safeguarding Financial Stability: Towards an Analytical Benchmark for Assessing its Effectiveness," IMF Working Papers 07/260, International Monetary Fund.
    2. Kerstin Gerling & Hans Peter Grüner & Alexandra Kiel & Elisabeth Schulte, 2003. "Information acquisition and decision making in committees: A survey," Working Paper Series 256, European Central Bank.
    3. Holthausen, Cornelia & Rønde, Thomas, 2005. "Cooperation in International Banking Supervision," CEPR Discussion Papers 4990, C.E.P.R. Discussion Papers.
    4. Gillian G. H. Garcia & Maria J. Nieto, 2007. "Preserving Financial Stability: A Dilemma For The European Union," Contemporary Economic Policy, Western Economic Association International, vol. 25(3), pages 444-458, 07.
    5. Eva H. G. Hupkes & Marc Quintyn & Michael Taylor, 2005. "The Accountability of Financial Sector Supervisors: Principles and Practice," IMF Working Papers 05/51, International Monetary Fund.
    6. Michele Ruta, 2003. "The allocation of competencies in an international union: a positive analysis," Working Paper Series 220, European Central Bank.
    7. Daniel C. L. Hardy & María Nieto, 2008. "Cross-Border Coordination Of Prudential Supervision And Deposit Guarantees," IMF Working Papers 08/283, International Monetary Fund.
    8. Giovanni Dell'Ariccia & Robert Marquez, 2001. "Competition Among Regulators," IMF Working Papers 01/73, International Monetary Fund.
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    Cited by:
    1. Adalbert Winkler, 2010. "The Financial Crisis: A Wake-Up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Working Papers id:3021, eSocialSciences.
    2. Adalbert Winkler, 2010. "The Financial Crisis : A Wake-Up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Finance Working Papers 22022, East Asian Bureau of Economic Research.
    3. Donato Masciandaro & Marc Quintyn & María Nieto, 2009. "Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors," IMF Working Papers 09/142, International Monetary Fund.

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