Controversies Regarding the Necessity of an Integrated Supervision for the EU-27 Financial Markets

As the European financial markets suffered substantial structural changes in the least decades, under the influence of the financial innovation process, the question regarding the efficiency of an integrated supervision model rather than a specialised one becomes more challenging. The aim of this paper is to provide an overview of the different models used by each European Union member states, underlining in this way the current state of the supervision integration in the EU-27 and the controversies regarding the necessity of an integrated supervision system for the national financial markets. Thus, the paper compares the pros and cons arguments regarding the adoption of an integrated model for financial supervision. Overall the study highlights that although, in general, a specific model for financial supervision is adopted taking into consideration the political, historical and structural aspects of the financial systems, in recent years a trend for integration has become very visible.