In its just released Economic Survey of the Euro Area, the OECD accepts that the current regulatory regime in the EU does have a number of advantages. It aligns regulatory and legal responsibility for firms with political and fiscal responsibility, should things go wrong, and with the operation of national insolvency law and the operation of national deposit guarantee schemes. “However, the EU’s current regime and the patchwork of different instruments, institutions and responsibilities does carry some disadvantages, especially as large complex financial institutions have extensive cross-border activities and the potential to have a significant impact on the wider economy, the OECD says.
Monday, 19 January 2009
OECD says EU Should Consider Single Financial Supervisor
The OECD urges a more centralized and integrated approach to financial regulation in European Union, including considering a single supervisor.
In its just released Economic Survey of the Euro Area, the OECD accepts that the current regulatory regime in the EU does have a number of advantages. It aligns regulatory and legal responsibility for firms with political and fiscal responsibility, should things go wrong, and with the operation of national insolvency law and the operation of national deposit guarantee schemes. “However, the EU’s current regime and the patchwork of different instruments, institutions and responsibilities does carry some disadvantages, especially as large complex financial institutions have extensive cross-border activities and the potential to have a significant impact on the wider economy, the OECD says.
In its just released Economic Survey of the Euro Area, the OECD accepts that the current regulatory regime in the EU does have a number of advantages. It aligns regulatory and legal responsibility for firms with political and fiscal responsibility, should things go wrong, and with the operation of national insolvency law and the operation of national deposit guarantee schemes. “However, the EU’s current regime and the patchwork of different instruments, institutions and responsibilities does carry some disadvantages, especially as large complex financial institutions have extensive cross-border activities and the potential to have a significant impact on the wider economy, the OECD says.
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