Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/98700
Authors: 
Haar, Brigitte
Year of Publication: 
2014
Series/Report no.: 
SAFE Working Paper Series 57
Abstract: 
This is a chapter for a forthcoming volume Oxford Handbook of Financial Regulation (Oxford University Press 2014) (eds. Eilís Ferran, Niamh Moloney, and Jennifer Payne). It provides an overview of EU financial regulation from the first banking directive up until its most recent developments in the aftermath of the financial crisis, focusing on the multiple layers of multi-level governance and their characteristic conceptual difficulties. Therefore the paper discusses the need to accommodate cross-border capital flows following from the EU internal market and the resulting regulatory strategies. This includes a brief overview of the principle of home country control and the ensuing Financial Services Action Plan. Dealing with the accommodation of cross-border capital flows and their regulation necessarily require an orchestration of the underlying supervisory structures, which is therefore also discussed. In the aftermath of the financial crisis of 2007-09 an additional aspect of necessary orchestration has emerged, that is the need to control systemic risk. Specific attention is paid to microprudential supervision by the newly established European Supervisory Authorities and macroprudential supervision in the European Banking Union, the latter's underlying drivers and the accompanying Single Supervisory Mechanism, including the SSM's institutional framework as well as the consideration of its rationales and the Single Resolution Mechanism closely linked to it.
Subjects: 
Financial regulation
systemic risk
microprudential supervision
European Banking Authority
macroprudential supervision
European Systemic Risk Board
European Banking Union
Single Supervisory Mechanism
JEL: 
G21
G28
G38
K22
K23
Document Type: 
Working Paper

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