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EU Regulatory and Supervisory Convergence: The Case for a Dual System with Choice

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  • Mortimer-Schutts, Ivan
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    Abstract

    Pressure for further convergence of European financial sector supervision continues to mount. There is still considerable opposition to further integration. But debate is nevertheless increasingly focused on what form further integration should take. This paper contributes to this debate by discussing the advantages of a dual system that provides financial institutions with a choice between national and European level regulation and supervision. A dual system with choice could facilitate the emergence of specialised supervisors and regulatory models that promote diversity and competition between financial institutions' business models. This would provide a much needed boost to the process of integration and could help to shift the fault lines of competition away from national borders towards trans-national market segments. At the same time, it would address concerns that a dual model without choice might create a sort of "regulatory apartheid" system internationally active institutions and more locally focused banks. Lastly, it would strengthen mutual recognition and provide reassurances to those that fear a European authority might hamper innovation and compromise the growth of EU's important financial centre in London.

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    Bibliographic Info

    Paper provided by Regulation2point0 in its series Working paper with number 144.

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    Date of creation: Dec 2005
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    Handle: RePEc:reg:wpaper:144

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    Web page: http://regulation2point0.org/

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    Cited by:
    1. Pietro Alessandrini & Andrea F. Presbitero & Alberto Zazzaro, 2009. "Banks, Distances and Firms' Financing Constraints," Review of Finance, European Finance Association, vol. 13(2), pages 261-307.

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