Financial supervision in Europe

Book abstract:

This book negotiates the complex issue of an increasingly integrated financial market and the extent of its impact on the system of financial supervision currently in operation in the EU (European Union). It points out the flaws in the current set-up, and proposes ways of improving supervision at both the European and individual Member State level, including the development of clearer procedures in the question of crisis management. Other specific issues it tackles include financial market developments, the organisation of supervisory models themselves and the nature of political accountability. The fundamental questions for the future role of supervision and regulation, which this book attempts to answer, are consequently twofold: first, in which direction is the EU market is going, and second, how long before this market becomes fully integrated?

Comprising of work from numerous contributors, the book is divided into seven sections. Section one provides an overview of the modern financial supervision situation in Europe, and section two deals with the problem of financial integration across both national borders and sectors. In section three, there is a discussion of supervision and the question of externalities, section four turns to crisis management, and section five explores the political economy of European financial integration. Section six analyses the implications for the structure of supervision in terms of financial markets' legislation, and section seven concludes the book with a study of financial supervision in relation to 'inside' or 'outside' banks.

The book is intended for finance ministries, supervisory authorities, financial institutions, students and academics.