Financial supervision in the EU: Incremental progress, success not ensured

The establishment of the European Systemic Risk Board (ESRB) as a macro-prudential supervisor fills a gap in the previous EU supervisory structure. Whether the ESRB will actually manage to address threats to systemic stability effectively is something that only time will tell. As regards the reform of micro-prudential supervision, the establishment of the European Supervisory Agencies ( ESAs) is undoubtedly a positive step, but micro-prudential supervision will continue to sit in an uneasy half-way house between national sovereignty and pan-European arrangements. In fact, the financial crisis has demonstrated that there is no alternative to truly pan-European supervisory powers

ESO: Background information: EU super-watchdog warns economic crisis 'far from over' http://www.europeansources.info/record/eu-super-watchdog-warns-economic-crisis-far-from-over/

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