Role and function(ing) of the new European financial supervisory architecture
In accordance with the proposals presented by the report of the high level group of experts, chaired by Mr Jacques de Larosière (2009), the objective of establishing a more efficient, integrated and sustainable European system of supervision became essential. Considering the fact, that financial integration and stability are mutually reinforcing; maintaining a stable and reliable financial system is an absolute prerequisite to preserving trust and coherence in the internal market, and hence to preserve and improve the conditions for the establishment of a fully integrated and functioning internal market in the field of financial services. Moreover, deeper and more integrated financial markets offer better opportunities for financing and risk diversification, and thus help to improve the capacity of the economies to absorb shocks. The aim of this article is to examine the question whether the establishment of the European Financial Supervision System could address the weaknesses highlighted by the crisis and provide a system that is in line with the objective of a stable and single EU financial market for financial services – linking up national supervisors into a strong and complex Community network.
|Date of creation:||2012|
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