Concrete Steps towards More Integrated Financial Oversight: The EU’s Policy Response to the Crisis
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Author Description
The financial crisis exposed dangerous weaknesses in the regulatory and oversight structure that need to be urgently corrected to restore confidence in the financial system and to keep the single market alive. Towards this end, this CEPS Task Force report puts forward three main policy recommendations to the EU: 1) The European Council should formally mandate the High-Level Expert Group on EU financial supervision to analyse the optimal structure of financial oversight and propose concrete steps leading to a European System of Financial Supervisors, 2) A European Financial Institute should be created to lay the groundwork for the establishment of the European System of Financial Supervisors and 3) The European System of Financial Supervisors should be given definitive target date to commence operations.
Menrva's Summary
THE THESIS
The 2008 financial crisis revealed critical vulnerabilities in the European Union's financial regulatory and oversight framework, necessitating urgent reforms to restore market confidence and preserve the single market. This report, authored by Karel Lannoo, presents three key policy recommendations aimed at strengthening EU financial supervision. It advocates for the formal mandate of a High-Level Expert Group to design a European System of Financial Supervisors, the establishment of a European Financial Institute to prepare for this system, and the setting of a definitive operational start date for the new supervisory body.
THE SCOPE MAP
- Analysis of the EU's financial regulatory and oversight structure post-crisis.
- Policy recommendation 1: Mandating the High-Level Expert Group on EU financial supervision.
- Policy recommendation 2: Creation of a European Financial Institute.
- Policy recommendation 3: Establishing a definitive target date for the European System of Financial Supervisors.
- Focus on restoring confidence in the financial system.
- Emphasis on keeping the single market alive through effective oversight.
THE AUTHORITY PERSPECTIVE
The report directly addresses the urgent need for enhanced financial oversight within the European Union following the 2008 crisis. It proposes concrete steps for structural reform, including the creation of a European System of Financial Supervisors. The recommendations are framed as essential for restoring market confidence and maintaining the integrity of the single market. The publication's focus on actionable policy suggests it is intended for policymakers, regulators, and financial industry professionals.
Page Count:
59
Publication Date:
2008-01-01
Publisher:
CEPS
ISBN-10:
929079836X
ISBN-13:
9789290798361
Politics
Non-Fiction
Economics
Business
Community Tags
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