Towards a New European Financial Supervision Architecture

6 Pages Posted: 8 Dec 2009 Last revised: 9 Apr 2011

Date Written: October 29, 2009

Abstract

In November 2008, while the world financial crisis was still evolving, the European Commission tasked a High Level Group chaired by Mr. Jacques de Larosière with proposing a new financial supervision architecture for European financial markets. The High Level Group published its report (the Larosière Report) in February 2009, recommending the creation of a new European macro-prudential supervisory body and the establishment of a new European micro-prudential supervisory system. These recommendations were meant to strengthen the European financial supervisory framework and increase the financial stability of the European Union. On May 27, 2009, the European Commission published a communication supporting the “main thrust” of the recommendations found in the Larosière Report. Additionally, in their June meetings, both the Council of the European Union and the European Council indicated their support of the Communication’s main proposals. This consensus has prompted the movement towards a new European financial supervision architecture.

Keywords: Financial Supervision, European Union, Systemic Risk, Prudential Supervision, European Central Bank, Financial Supervision Agencies

JEL Classification: G15, G20

Suggested Citation

Iglesias-Rodriguez, Pablo, Towards a New European Financial Supervision Architecture (October 29, 2009). Columbia Journal of European Law Online, Vol. 16, No. 1, pp. 1-6, 2009 . Available at SSRN: https://ssrn.com/abstract=1518062

Pablo Iglesias-Rodriguez (Contact Author)

University of Sussex ( email )

Falmer
Freeman Building
Brighton, BN1 9QN
United Kingdom

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