Integration of EU financial markets supervision: Harmonisation or unification?
Journal of Financial Regulation and Compliance
ISSN: 1358-1988
Article publication date: 1 March 2004
Abstract
The paper highlights what are currently the most relevant aspects in the debate surrounding the possible reform in the institutional setup of financial markets regulation and supervision, not least about the future role of Central Banks. As a preliminary question, the definition of financial stability is addressed. Then, the importance of stability for the economy and the specific role of regulators and supervisors and possible regulatory failure are discussed. On this basis, a possible evolving design for regulation and supervision on a national and a European level has to be checked against optimality, taking into account the different objectives of state intervention into the market. Finally the state of play in the institutional reform of European financial market legislation is described.
Keywords
Citation
Grünbichler, A. and Darlap, P. (2004), "Integration of EU financial markets supervision: Harmonisation or unification?", Journal of Financial Regulation and Compliance, Vol. 12 No. 1, pp. 36-44. https://doi.org/10.1108/13581980410810669
Publisher
:Emerald Group Publishing Limited
Copyright © 2004, Emerald Group Publishing Limited