Towards a new Approach to Regulation and Supervision in the EU: Post-FSAP and Comitology
AbstractThe aim of this paper is to analyse the progress made in the process of European integration from two points of view: regulation and supervision. We first briefly outline the main steps in the development of the Financial Services Action Plan - FSAP and the process of Comitology, defined by the Committee of Wise Men (Lamfalussy Committee). We then provide an initial evaluation of the new regulatory system, with its merits and flaws: while the definition and completion of the FSAP has been an undoubted success, some aspects still have to be dealt with, several of them with problematical connotations, considered in the Financial Services Agenda 2005-2010 The transposition into national regulations of a complex body of wide-ranging standards is a difficult process in terms of both times and procedures, although the functioning of the Comitology structure has been met with general approval. There is also the problem of a supervisory structure which retains its national basis, but onto which the output generated by the Committees envisaged by the Lamfalussy process is gradually being grafted, possibly leading towards a new framework of controls at a European level.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 1780.
Date of creation: Mar 2006
Date of revision:
Single Financial Market; FSAP; Lamfalussy Report; Committee of Wise Men; Comitology; Regulation; Supervision; Eu directives; Financial Services Agenda 2005-2010;
Find related papers by JEL classification:
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G2 - Financial Economics - - Financial Institutions and Services
- G1 - Financial Economics - - General Financial Markets
This paper has been announced in the following NEP Reports:
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.:
- Rosa M. Lastra & Dr Rosa Lastra, 2003. "The Governance Structure for Financial Regulation and Supervision in Europe," FMG Special Papers, Financial Markets Group sp149, Financial Markets Group.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.