New Architecture Of Global Financial Supervision-Macroprudential Oversight
Lessons learned from the recent financial crisis has alarmed the relevant international financial organizations to take prompt and appropriate action towards finding a new framework of regulation and supervision of the financial system so that in future the time detect and mitigate financial trouble. Actions are oriented on the reform of the existing supervisory framework in the period of expansion of financial contagion has shown serious weaknesses. G20 leaders issued a declaration relating to the structure of a comprehensive plan for reform of financial supervision, which is focused on improving the environment macro prudential surveillance at the international level, strengthening the financial stability of the Board (FSB) with the mission to effectively coordinate and synchronize actions to relieve and defense of the financial system from financial difficulties, developing a common diagnostic standards, designing control systemic risk and responsibility. On the basis of the declaration G20 countries with strong financial markets have taken appropriate action reform and redesign of its supervisory authority. The U.S. authorized the Fed to be responsible for financial stability, with a mandate to monitor risks and controls company that may be a source of threat to the financial system, focusing on major domestic and international firms and systematically important non-banking financial institutions. EU on the basis of reports Larosière Commission has established a strong centralized institutional supervisory framework, the establishment of the European Commission for the systematic risk that is responsible for macro prudential surveillance and the European system of financial supervisors, responsible for monitoring Macro prudential composed of a network of national financial supervisors from three financial institutions supervision, the principles of mutual respect, information and strengthening accountability.
References listed on IDEAS
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- Kawai, Masahiro & Pomerleano, Michael, 2010.
"Regulating Systemic Risk,"
ADBI Working Papers
189, Asian Development Bank Institute.
- Masahiro Kawai & Michael Pomerleano, 2010. "Regulating Systemic Risk," Finance Working Papers 23014, East Asian Bureau of Economic Research.
- Besar, D. & Booth, P. & Chan, K. K. & Milne, A. K. L. & Pickles, J., 2011. "Systemic Risk in Financial Services," British Actuarial Journal, Cambridge University Press, vol. 16(02), pages 195-300, July.
- Piet Clement, 2010. "The term “macroprudential”: origins and evolution," BIS Quarterly Review, Bank for International Settlements, March. Full references (including those not matched with items on IDEAS)
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