Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors

In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establish...

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Bibliographic Details
Main Author: Quintyn, Marc
Other Authors: Masciandaro, Donato, Nieto, María
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2009
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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651 4 |a Ireland 
653 |a Economic & financial crises & disasters 
653 |a Depository Institutions 
653 |a State supervision 
653 |a Banks 
653 |a Public finance & taxation 
653 |a Financial crises 
653 |a Banks and banking 
653 |a Bank supervision 
653 |a General Financial Markets: Government Policy and Regulation 
653 |a Micro Finance Institutions 
653 |a Financial Institutions and Services: Government Policy and Regulation 
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653 |a Legal support in revenue administration 
653 |a Taxation, Subsidies, and Revenue: General 
653 |a Banks and Banking 
653 |a Financial services industry 
653 |a Financial regulation and supervision 
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653 |a Financial services law & regulation 
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520 |a In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establishing a complex multiple principals-multiple agents network. This paper focuses on the network of national agencies. Starting from an analysis of supervisory architectures and governance arrangements, we assess to what extent lack of convergence could undermine efficient and effective supervision. The main conclusion is that harmonization of governance arrangements towards best practice would better align supervisors' incentive structures and, hence, be beneficial for the quality of supervision