14 January 2002

FAZ: calling for a European FSA

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In an article to the FAZ Norbert Walter, Chief Economist of Deutsche Bank and Member of the Committee of Wise Men on the Regulation of European Securities Markets says that a European Financial Services Authority is inevitable for an efficient financial market in Europe.

'Controversy remains over whether installing an FSA for Europe is the only possible answer. The majority of experts believe that for the next few years the more realistic and also more appropriate response would be a coordinating institution at the European level. A continuation of the competition for better regulation still makes sense, they say. However, the numerous inconsistencies arising from the differing application of EU directives and the difficulties resulting from the co-existence of regulatory and supervisory authorities conceived from completely different angles suggest to me that the European financial market will only become truly efficient and capable of competing with the U.S. system if we soon have a European FSA.'

'The numerous inconsistencies arising from the differing application of EU directives and the difficulties resulting from the co-existence of regulatory and supervisory authorities conceived from completely different angles suggest to me that the European financial market will only become truly efficient and capable of competing with the U.S. system if we soon have a European FSA.'

See full FAZ Article

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