Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors

In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establishing a complex multiple principals-multiple agents network. This paper focuses on the network of national agencies. Starting from an analysis of supervisory architectures and governance arrangements, we assess to what extent lack of convergence could undermine efficient and effective supervision. The

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Year of publication:	2009
Authors:	Quintyn, Marc
Other Persons:	Masciandaro, Donato (contributor) ; Nieto, María J. (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	EU-Staaten \| EU countries \| Aufsichtsbehörde \| Regulatory agency \| Finanzsektor \| Financial sector

Extent:	Online-Ressource (45 p)
Series:	IMF Working Papers IMF working paper ; WP/09/142
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Contents; I. Introduction; II. A European Supervisory Structure is Born; III. Review of Supervisory Architectures; A. Closer analysis of the EU supervisory landscape; B. Potential policy implications of polarization; IV. Convergence in Supervisory Governance; A. Measuring Independence; B. Measuring Accountability; C. Is There Governance Convergence Within the EU?; V. Conclusions and Policy Considerations; References; Figures; 1 Financial Supervisory Regimes: number of reforms per year (1998-2008); 2 FSU Index distribution; 3 CBFA Index distribution; 4 Financial Supervision Regimes 5 Institutional Independence: Cross-country convergence6 Regulatory & Supervisory Independence: Cross-country convergence; 7 Budgetary independence: Cross-country convergence; 8 Political accountability: Cross-country convergence; 9 Judiciary accountability: Cross-country convergence; 10 Transparency: Cross-country convergence; 11 Total independence: Cross-country convergence; 12 Overall accountability Cross-country convergence; 13 Independence and Accountability: scatter-plot; 14 Independence and Accountability inside and outside the Central Bank 14A: Independence Indices inside and outside the Central Bank14B: Accountability Indices inside and outside the Central Bank; Tables; 1. The Institutional Indicators; 2. Independence Criteria; 3. Accountability Criteria; Annexes; Annex - The European Framework for Safeguarding Financial Stability
ISBN:	978-1-4518-7289-7 ; 978-1-4519-1718-5 ; 978-1-4518-7289-7
Source:	ECONIS - Online Catalogue of the ZBW

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