The EU Financial Market Policy: Evolution, Innovation and Research Outlook
This paper reviews the process of regulatory integration in the financial markets of the European Union. It shows that the regulatory framework for the single market in financial services has progressed in stages reflecting the evolution of EU policy-modes; from market opening to attempts at harmonization, to reliance on mutual recognition. The slow progress induced the EU to innovate its decision-making processes by introducing the Lamfalussy procedure in 2001. The new procedure accelerated the adoption of new regulations and is being adapted to ensure consistent enforcement across all EU jurisdictions. The next round of challenges to regulatory integration will stem from weak crisis management mechanisms revealed by the current crisis.
|Date of creation:||15 Aug 2009|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.eif.oeaw.ac.at|
References listed on IDEAS
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.:
- Jean Dermine, 1996. "European banking integration, ten years after," European Financial Management, European Financial Management Association, vol. 2(3), pages 331-353.
When requesting a correction, please mention this item's handle: RePEc:erp:eifxxx:p0007. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maria Duftner)
If references are entirely missing, you can add them using this form.