European System of Financial Supervision

Evropský systém dohledu finančního trhu

Petr Musílek

Český finanční a účetní časopis, 2011, vol. 2011, issue 2, 7-17

Abstract: The aim of this paper is not only to explain the institutional response to the Global financial crisis, but also to evaluate how effectively the national and supra-national supervisors use entrusted powers. With the emergence of cross-border financial groups, call for supra-national supervisory authorities has strengthened. There are many variants of the institutional responses to the development in economical and financial environment. Particular attention will be paid to the harmonization of regulatory and supervisory policy in the EU, which is characterized by the creation of European system of financial supervision. However, pressure on creation supra-national supervisory authority does not guarantee effective regulation and supervision of cross-border financial groups. More rational structures may support the development of the European financial market, but, fundamentally, more efficient supervision comes from independent and transparent supra-national supervisory body with better-trained staff and more enforcement powers.

Keywords: Financial markets; Cross-border financial groups; Financial regulation and supervision; Harmonization of the supervision; European system of financial supervision; Finanční trhy; Přeshraničně působící finanční skupiny; Finanční regulace a dohled; Harmonizace dohledu; Evropský systém dohledu finančního trhu (search for similar items in EconPapers)
JEL-codes: E44 G10 (search for similar items in EconPapers)
Date: 2011
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DOI: 10.18267/j.cfuc.102

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