After the Financial Crisis
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Edited by Sylvester Eijffinger and Donato Masciandaro
Chapter 17: Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors
Donato Masciandaro, Maria J. Nieto and Marc Quintyn1 Introduction The development of a single financial market has been a long-term objective of the European Union (EU) and the achievement of this objective received a significant impetus with the introduction of the Euro, which has acted in many ways as a catalyst for financial integration. Soon after the establishment of the European Central Bank (ECB), a debate emerged about the desirable structure of financial supervision in this single financial market. In many circles it was indeed felt that, in order to support EU financial integration and preserve financial sector soundness, a substantive degree of coordination of regulatory and supervisory actions was needed. For a long time, the debate remained dominated by divergences in academic and policy circles between, on the one hand, proponents of light forms of coordination among national supervisors and on the 1 The views expressed in this paper do not necessarily represent those of the Bank of Spain and of the IMF. The authors would like to thank, without implication, Rosaria Vega Pansini for skillful research assistance and Martin Čihàk, Sylvester Eijffinger, Wim Fonteyne, Tomislav Galac, Daniel Hardy, Fabio Recine, Jan Willem van der Vossen and participants at the Finlawmetrics 2009 Conference (Milan, 18–19 June 2009) for helpful comments and suggestions. 485 486 The Architecture of Regulation and Supervision other, those in favor of more centralized approaches.2 Meanwhile, some initiatives in support of more regulatory and supervisory coordination among member states saw the light of day....
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