The Centre for European Policy Studies published a report on EU Financial Regulation and Supervision beyond 2005, summarizing the work of a task force group that discussed policy issues arising from EU enlargement, financial stability oversight, international cooperation, and supervisory convergence.
The report states that enforcement remains one of the weak elements in the post-1992 period, and the scoreboard indicators are not promising. The new regulatory structure should act as a powerful incentive for adequate enforcement. Yet the new structure in itself is powerless to drive change where there is an absence of political will.
Furthermore, the report also calls for a broader use of regulatory impact analysis in the regulatory process. Excessive detail in level 1, which sets the framework principles, must be avoided by a clear and objective definition of what constitutes framework principles.
Also, Convergence in supervisory competences is expected to occur and needs to happen in conjunction with financial stability oversight, but this will demand the full cooperation of member states’ authorities.
Policy think-tank providing research and activities on economic and international policy matters
www.ceps.be',WIDTH, 300, SHADOW, true, FADEIN, 300, FADEOUT, 300, STICKY, 1,DURATION,3500)" onmouseout="UnTip()");">CEPS Post FSAP press release.doc' target='_blank'> CEPS press release
© CEPS - Centre for European Policy Studies
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article