TITLE

The European architecture of regulation, supervision and financial stability: A central bank perspective

AUTHOR(S)
Nielo, María J.; Peñalosa, Juan M.
PUB. DATE
April 2004
SOURCE
Journal of International Banking Regulation;Apr2004, Vol. 5 Issue 3, p228
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
In December 2002, the Council of Economic and Financial Affairs (ECOFIN), which comprises the ministers responsible for economic affairs and finance in the European Union, approved a fully-fedged reform of the institutional architecture of financial regulation and supervision in the EU. The main aim of this reform--which followed a similar reform conducted in the field of the securities markets--is to solve the problems which have been experienced with the EU legislative process in the past. Confronted with a rapidly growing and innovating financial sector, the European legislative process appeared to react in a slow, rigid and inefficient way, thus calling for a thorough overhaul. At the same time, the arrival of the euro and the ongoing process of financial integration in Europe required more attention to be paid to cooperation between regulatory and supervisory authorities, both across sectors and across countries, in order to obtain a better knowledge of European cross-border financial activity, allow for convergence towards the best supervisory practices and ensure financial stability. The reform approved by ECOFIN foresees a sectoral and decentralised model of financial regulation and supervision, which is neutral as concerns the institutional arrangements of such functions at national level and ensures the cooperation between the national regulators and supervisors of financial markets across countries.
ACCESSION #
12876614

 

Related Articles

  • EC forms a single cyber security agency for Europe. Goodwin, Bill // Computer Weekly;2/13/2003, p4 

    Reports on the formation of the European Network and Information Security Agency by the European Commission. Agency's purpose of fighting the growing threats posed by computer viruses, hacking and denial-of-service attacks; Agency's aim of acting as a central resource for European countries...

  • FISD Eyes Transatlantic Variations on Reference Data Theme. Sandman, John // Securities Industry News;3/7/2005, Vol. 17 Issue 9, p14 

    Focuses on the securities model working group formed by the Financial Information Software Division (FISD) of the Software & Information Industry Association. Views of FISD chief scientist James Hartley, on the purpose of the group; Purpose of the European Union's Markets in Financial Data...

  • View Point. Rinsler, Stephen // Logistics & Transport Focus;May2006, Vol. 8 Issue 4, p2 

    The article presents an update on the plans and activities of the Chartered Institute of Logistics and Transportation (CILT) in Great Britain. The first meeting of industry players had taken place and among the talks include the future of logistics and transport and how young professionals will...

  • UCITS: Funds' Pain Is Outsourcers' Gain. Kentouris, Chris // Securities Industry News;5/30/2005, Vol. 17 Issue 21, p18 

    Focuses on the third version of the European Union directive known as the Undertaking for Collective Investment in Transferable Securities (UCITS) in Europe. Goal of UCITS; Request of the Committee of European Securities Regulators regarding the implementation of the directive; Parts of the...

  • UPCOMING EVENTS.  // Private Placement Letter;12/15/2008, Vol. 26 Issue 48, p2 

    A calendar of events related to securities industry for 2008-2009 is presented including the Spring 2009 National Meeting of the National Association of Insurance Commissioners, the Global ABS 2009: Piecing It All Together hosted by the Information Management Network and the European...

  • Don't Bet the Ranch. Ecclerston, James // On Wall Street;May2004, Vol. 14 Issue 5, p76 

    Discusses the advisory issued by the National Association of Securities Dealers (NASD) for clients to take advantage of low mortgage rates to invest in the U.S. securities market in 2004. Actions taken by other regulators and arbitrator; Factors identified by NASD that create problems with the...

  • WASHINGTON & WALL STREET -- FINDING THE BALANCE. Giesea, John C. // Traders Magazine;Sep2010 Supplement, p8 

    The article highlights a message from the 2010 president and chief executive officer (CEO) of the Security Traders Association Inc. (STA) in the U.S. He mentions information on the association's 77th Annual Conference & Business Meeting to be held in Washington D. C. on September 22 to 25, 2010....

  • All fund classes on NAV reporting agenda. Sandman, John // Securities Industry News;7/24/2006, Vol. 18 Issue 27, p1 

    Reports on the effort of the International Securities Association for Institutional Trade Communication (ISITC) to standardize the modeling methodology for net asset value (NAV) messages. Discussion of the ISITC members on a modeling format called total portfolio value; Initial agreement...

  • CHAPTER 4: AFTER MADRID AND AMSTERDAM: POLAND AND THE FUTURE OF EUROPEAN SECURITY. Grudzinski, Przemyslaw // European Security & NATO Enlargement: A View from Central Europe;4/1/1998, p71 

    The article focuses on Poland's goals and efforts toward the enhancement of European security and stability. The goals for the improvement of European stability can be attained by supporting the North Atlantic Treaty Organization and the European Union membership since the expansion of these...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics