The EBF published its Report on the Integration of European Financial Services Markets.
The report identifies eight priorities for action on the part of policy-makers and the financial services industry.
According to the report, the model of consolidated supervision has not yet become a full reality at EU level because EU authorities have not reached a common understanding of how the concept could work in practice. As a pragmatic solution, FBE calls to overcome the legal shortcomings arising from the national discretions contained in the CRD and diverging CRD implementation.
Issues to be addressed with regard to a consolidating supervisor centre on issues like trust-building capacity of national supervisors, the enforceability of the consolidating supervisor’s decisions, and the concrete way in which delegation of supervisory tasks and responsibilities would be organised within the college of supervisors
“A future EU supervisory framework should embrace the key aspects of financial supervision and financial system stability”, the report states. “This will require it to cover Solvency II, deposit guarantee schemes, crisis management and the role of the ECB.”
© Graham Bishop
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