글로벌 금융위기 이후 EU 금융감독 및 규제변화 (Financial Regulatory Reform of the EU after the Global Financial Crisis)

At the EU and national levels, regulatory authorities are implementing or planning reforms of institutional arrangements for financial supervision. In spite of integrated supervision and regulation at the EU level, EU Member States still retain enforceable supervisory power. Recent developments in supervisory structures in the EU Member States are as follows: (i) a tendency towards further enhancement of the role of national central banks in supervisory activities; (ii) a consolidation of information-related synergies between central banking and prudential supervisory function in the case of the single supervisory authority.The euro-area crisis triggered the move towards a banking union. The ‘doom loop' linking sovereign and banking credit condition has been correctly identified as a key transmission channel that needs to be addressed to prevent further deterioration so that eventual improvements can be envisaged. The creation of a single supervisory mechanism, deposit insurance system and clearing system is an important move that will complete the creation of a European banking union. The first step is the creation of the Single Supervisory Mechanism with a central role conferred on the ECB.EU's financial reformation has the following implications for Korea. First, macroprudential supervisory activities and policies should be reinforced. Second, the supervisory authorities should strengthen their cooperation system. Moreover, Korea should search for a systematic framework to protect financial consumers. In terms of financial regulations, financial stability should be considered, while maintaining flexibility in speed and the level of adoption of the global trend in financial regulations. Considering that EU's financial regulations tend to develop into a global agenda, Korean authorities should make their stance and insist on Korea's position through international financial consultative bodies such as the G20 or the IMF