Financial Supervisory and Regulatory Reform of the EU after the Global Financial Crisis

5 Pages Posted: 15 Feb 2017

See all articles by Yoo-Duk Kang

Yoo-Duk Kang

Korea Institute for International Economic Policy

Kyuntae Kim

Korea Institute for International Economic Policy

Tae Hyun Oh

Korea Institute for International Economic Policy

Cheol-Won Lee

Korea Institute for International Economic Policy

Hyun Jean Lee

Korea Institute for International Economic Policy

Hee-Yul Chai

Kyonggi University

Date Written: April 22, 2013

Abstract

Financial Regulation and Supervision at the EU level has been implemented with the formation of the European Single Market. In the 1980s, there was a significant increase in the number of cross-border financial transactions as free capital movement within the EU territories, mutual recognition of regulation, and supervisory responsibility of the home country were established as the principles of the EU internal financial supervision.

However, blind spots in financial supervision have been consistently pointed out as large banks have operated beyond one member country, resulting in a set of problems from mismatch among the financial activities taking place over integrated European Single Market and supervisory authority limited in national boundary.

The global financial crisis revealed institu-tional limit of the financial regulation and supervision in the EU. As a result, demands are increasing for reforms on financial supervision and regulation. In particular, new supervisory arrangements should concentrate not only on the prudential of individual financial firms but also on the macroprudential. Furthermore, there are increasing needs for a more integrated financial supervisory institute as the more efficient measure to supervise the integrated European financial markets.

Suggested Citation

Kang, Yoo-Duk and Kim, Kyuntae and Oh, Tae Hyun and Lee, Cheol-Won and Lee, Hyun Jean and Chai, Hee-Yul, Financial Supervisory and Regulatory Reform of the EU after the Global Financial Crisis (April 22, 2013). KIEP Research Paper No. World Economic Update-13-16. Available at SSRN: https://ssrn.com/abstract=2320944 or http://dx.doi.org/10.2139/ssrn.2320944

Yoo-Duk Kang (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Kyuntae Kim

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Tae Hyun Oh

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Cheol-Won Lee

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Hyun Jean Lee

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Hee-Yul Chai

Kyonggi University ( email )

154-42 Gwanggyosan-ro, Iui-dong, Yeongtong-gu
Kyonggi-Do, Suwon 442-760
Korea, Republic of (South Korea)

Register to save articles to
your library

Register

Paper statistics

Downloads
37
Abstract Views
491
PlumX Metrics