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European System of Financial Supervision
[Evropský systém dohledu finančního trhu]

Author

Listed:
  • Petr Musílek

Abstract

The aim of this paper is not only to explain the institutional response to the Global financial crisis, but also to evaluate how effectively the national and supra-national supervisors use entrusted powers. With the emergence of cross-border financial groups, call for supra-national supervisory authorities has strengthened. There are many variants of the institutional responses to the development in economical and financial environment. Particular attention will be paid to the harmonization of regulatory and supervisory policy in the EU, which is characterized by the creation of European system of financial supervision. However, pressure on creation supra-national supervisory authority does not guarantee effective regulation and supervision of cross-border financial groups. More rational structures may support the development of the European financial market, but, fundamentally, more efficient supervision comes from independent and transparent supra-national supervisory body with better-trained staff and more enforcement powers.

Suggested Citation

  • Petr Musílek, 2011. "European System of Financial Supervision [Evropský systém dohledu finančního trhu]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2011(2), pages 7-17.
    • Handle: RePEc:prg:jnlcfu:v:2011:y:2011:i:2:id:102:p:7-17
    DOI: 10.18267/j.cfuc.102
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    Keywords

    Financial markets; Cross-border financial groups; Financial regulation and supervision; Harmonization of the supervision; European system of financial supervision; Finanční trhy; Přeshraničně působící finanční skupiny; Finanční regulace a dohled; Harmonizace dohledu; Evropský systém dohledu finančního trhu;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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