Central Bank or Single Financial Supervision Authority: The Romanian Case
The process of regulation and supervision of the financial system represents a pillar for the financial stability. A recent trend in the institutional framework for financial supervision is the creation of a Single Supervision Authority for the supervision of the banking sector, the insurances and the capital markets. In the financial supervision literature, a lot of arguments highlight the fact that such institutions are necessary, but there are also other valid arguments which show that the banking supervision must be made by central banks. Taking into account these arguments we show that the institutional regulation and supervision framework reflects the structure of the Romanian financial system and the specialized supervision architecture in place in Romania is compatible with the European supervision framework. The National Bank of Romania has a solid experience in banking sector supervision and the activity of financial conglomerates is not yet a menace for the Romanian financial system stability. That is why the implementation of a unified supervision framework does not represent an optimal solution at the moment.
|Date of creation:||21 Feb 2008|
|Date of revision:||10 Jan 2009|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
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.:
- Masciandaro, Donato, 2007. "Divide et impera: Financial supervision unification and central bank fragmentation effect," European Journal of Political Economy, Elsevier, vol. 23(2), pages 285-315, June.
- Alan D. Morrison, 2002.
"The Economics of Capital Regulation in Financial Conglomerates,"
OFRC Working Papers Series
2002fe08, Oxford Financial Research Centre.
- Alan D. Morrison, 2003. "The Economics of Capital Regulation in Financial Conglomerates," The Geneva Papers on Risk and Insurance, The International Association for the Study of Insurance Economics, vol. 28(3), pages 521-533, 07.
- Marc Quintyn & Michael Taylor, 2004. "Should Financial Sector Regulators Be Independent?," IMF Economic Issues 32, International Monetary Fund.
- Richard K. Abrams & Michael Taylor, 2000. "Issues in the Unification of Financial Sector Supervision," IMF Working Papers 00/213, International Monetary Fund.
- Paul Schmidt, 2004. "A Constitutional Treaty for an Enlarged Europe: Institutional and Economic Implications for Economic and Monetary Union," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 77–80.
- David S. Bieri, 2004. "The Basel Process and Financial Stability," Macroeconomics 0412001, EconWPA.
- Buiter, Willem H., 2007. "Lessons from the 2007 Financial Crisis," CEPR Discussion Papers 6596, C.E.P.R. Discussion Papers.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:17225. 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: (Joachim Winter)
If references are entirely missing, you can add them using this form.