The ECB’s role in financial supervision

Karl Whelan ()

No 200915, Working Papers from School of Economics, University College Dublin

Abstract: The European Council’s decisions to implement the De Larosiere recommendations for a reformed approach to micro-level financial supervision and a new European Systemic Risk Board (ESRB) are to be welcomed. The ECB’s central role in the ESRB is also to be welcomed. However, the limited role envisaged for the ESRB means that it may not actually help much in preventing future crises. The ESRB should be given a central role in the implementation of counter-cyclical capital ratios and in promoting (and then overseeing implementation of) other changes such as maximum leverage ratios and limits on non-core funding.

Keywords: European Central Bank; Financial institutions--Law and legislation--Europe (search for similar items in EconPapers)
Date: 2009-10
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