Financial Market Stability in the European Union : Enhancing Regulation and Supervision

Jeremy Lawsoni ; Sebastian Barnesi ; Marte Solliei iOECD

Organisation for Economic Co-operation and Development

关键词: financial regulation;    financial supervision;    financial crisis;    European Union;   

DOI  :  https://doi.org/10.1787/226578225340

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

Financial innovation and integration have spurred financial development and enhanced consumer choice. Financial integration has also been associated with the emergence of large, complex, cross-border financial institutions (LCFIs). This has changed risk profiles and made cross-border contagion more likely. An important challenge for the EU is to manage systemic risks and cross-border contagion to ensure financial stability in an integrated financial market. The financial market turmoil has also highlighted some gaps in the regulatory and supervisory framework. Although the European authorities should be commended for the progress they have made in updating and improving frameworks and responding to the financial turmoil, more can be done. In particular, further steps are needed to remove the mismatch between integrating European financial markets on the one hand, and largely national supervision on the other. Attention should also be given to the question of which measures are adequate to dampen the procyclicality of the financial system. New regulations should not impose unnecessary costs on consumers, businesses and financial institutions, nor create obstacles to further market integration.