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The Larosiere Report - the Road to Financial Stability in the European Union

Author

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  • Ionescu Iancu Octavian

    (PhD candidate, Academy of Economic Studies, Bucharest, Romania)

Abstract

The Larosiere commission was given by the European Commision president the dual task to research the causes of the present global financial crisis and come up with recommendations on how to reform the regulation of financial markets. The Larosiere commission published its report known as The Larosiere Report in February 2009. The report lays out a framework to take the European Union forward. Ambitious reforms are proposed, projected on two main dimensions: a macroprudential dimension and a microprudential dimension. The creation of a new European System for Financial Supervision covers the microprudential dimension and it refers to the transformation of the existing level 3 committees into 3 new European Authorities under one central institution. Regarding the creation of these new institutions two suggestions are presented: one about the cross sector cooperation between these institutions, and the second about the need to have a fiscal back-up, a fiscal power alongside the supervisory one in this newly created European System for Financial Supervision.

Suggested Citation

  • Ionescu Iancu Octavian, 2010. "The Larosiere Report - the Road to Financial Stability in the European Union," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1653-1656, May.
    • Handle: RePEc:ovi:oviste:v:10:y:2010:i:1:p:1653-1656
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    More about this item

    Keywords

    The Larosiere Report; macroprudential dimension; microprudential dimension.;
    All these keywords.

    JEL classification:

    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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