Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors
Marc Quintyn,
Donato Masciandaro () and
María Nieto
No 2009/142, IMF Working Papers from International Monetary Fund
Abstract:
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 main conclusion is that harmonization of governance arrangements towards best practice would better align supervisors' incentive structures and, hence, be beneficial for the quality of supervision.
Keywords: WP; government; country; EU country; supervision; independence (search for similar items in EconPapers)
Pages: 43
Date: 2009-07-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)
Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=23072 (application/pdf)
Related works:
Chapter: Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors (2011) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:2009/142
Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm
Access Statistics for this paper
More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().