Regulation of supervision on financial markets

ISSN： 0951-3558

Source： International Journal of Public Sector Management, Vol.25, Iss.6-7, 2012-08, pp. : 437-443

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Abstract

Purpose ‐ The purpose of this paper is to consider financial services sector macro-prudential and micro-prudential supervisory reforms in the European Union (EU). It aims to critically examine the new system, reviewing in particular the adequacy of the reform to address financial crises. Design/methodology/approach ‐ The paper is based on a qualitative analysis of the relevant academic and trade literature. Findings ‐ In considering the new EU supervisory system's constitutional and legal foundation and its organizational structure, the study highlights the revamped and complex architecture's strengths and limitations. Originality/value ‐ The paper makes a contribution to the understanding of the new financial services sector supervisory system in the EU; few studies have analyzed its constitutional legality and satisfactoriness for the prevention of new crises.