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Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors

Marc Quintyn, Donato Masciandaro () and María Nieto

No 09/142, 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: Budgetary policy; Bank supervision; Banks; Central banks; European Union; Financial systems; Financial sector; Monetary authorities; Legislation; Transparency; Financial supervision, EU integration, supervisory architectures and governance, banking, banking supervision, financial regulation, supervisory authorities, (search for similar items in EconPapers)
Pages: 43
Date: 2009-07-01
New Economics Papers: this item is included in nep-cba and nep-reg
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Chapter: Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors (2011) Downloads
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