G2TT
来源类型Policy Contribution
规范类型简报
A ‘twin peaks’ vision for Europe
Dirk Schoenmaker; Nicolas Véron
发表日期2017-11-13
出版年2017
语种英语
概述The organisation of the European Supervisory Authorities (ESAs) is based on a sectoral approach with one ESA for each sector, with separate authorities for banking, insurance and securities and markets. But is this sectoral approach still valid? This Policy Contribution outlines a long-term vision for the supervisory architecture in the European Union.
摘要

Erratum 6 December 2017: Table 1, page 3. “Portugal is currently reviewing its supervisory model.”

The European Union’s financial supervisory architecture is based on a sectoral model with separate authorities for banking, insurance and securities and markets. New developments in the EU financial sector make this sectoral structure increasingly out of date:

  • Brexit creates a need for strong EU-level wholesale market and conduct-of-business supervision to build an integrated capital market for the EU27;
  • Mis-selling of bank bonds – that can be bailed in – to retail consumers has highlighted the need for a strong conduct-of-business supervisor for banking and other retail financial services, separate from prudential supervision to ensure a strong focus on the interests of consumers;
  • Financial conglomerates, combining banking and insurance, make up about a third of Europe’s banking and insurance sector. Joined-up supervision would strengthen the prudential supervision of these conglomerates.

To deal with these challenges, the EU should commit to a twin peaks model as a long-term vision for supervision. The first peak would be prudential supervision focusing on the health and soundness of financial firms. As these financial firms have become increasingly interwoven, the vision of integrated cross-sector prudential supervision is increasingly compelling, even though legal obstacles imply it cannot be implemented at the European level in the near term.

The second peak would be a strong markets and conduct of business supervisor. This supervisor would solely focus on the proper functioning of markets and fair treatment of consumers. This twin peaks model should guide Europe’s efforts to deal with current challenges.

主题European Macroeconomics & Governance ; Finance & Financial Regulation
关键词banking supervision brexit European governance insurance Twin Peaks model
URLhttps://bruegel.org/2017/11/a-twin-peaks-vision-for-europe/
来源智库Bruegel (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/429666
推荐引用方式
GB/T 7714
Dirk Schoenmaker,Nicolas Véron. A ‘twin peaks’ vision for Europe. 2017.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
PC-30-2017.jpg(147KB)智库出版物 限制开放CC BY-NC-SA缩略图
浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Dirk Schoenmaker]的文章
[Nicolas Véron]的文章
百度学术
百度学术中相似的文章
[Dirk Schoenmaker]的文章
[Nicolas Véron]的文章
必应学术
必应学术中相似的文章
[Dirk Schoenmaker]的文章
[Nicolas Véron]的文章
相关权益政策
暂无数据
收藏/分享
文件名: PC-30-2017.jpg
格式: JPEG

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。