The Case for a European Securities Regulator

Yannis V. Avgerinos

Chapter 6 in Regulating and Supervising Investment Services in the European Union, 2003, pp 145-195 from Palgrave Macmillan

Abstract: Abstract This chapter considers the case for an alternative supervisory approach within the field of EU investment services, namely the establishment of a European Securities Regulator (ESR). According to the Prologue, the second criterion that justifies action at EU level is the production of clear benefits by reason of its scale or effects compared with action at the level of the Member States. Where Union action is required, the combination of different policy tools should be considered.1 Does Europe need a pan-European securities regulator? If yes, is the creation of such a body feasible within the legal, political and economic context of Europe? These questions have recently gone beyond the purely academic domain to form the subject of specific political debate between regulators, practitioners and market participants. Although the results of these debates usually end up giving a negative dimension to such a suggestion,2 the very fact that this question is raised in this particular period of time reveals that something is wrong with the present regulatory and supervisory financial architecture.

Keywords: European Central Bank; Security Regulator; Financial Firm; Regulatory Capture; Investment Service (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28687-0_7

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DOI: 10.1057/9780230286870_7

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