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

Author: Marc Quintyn; María Nieto; Donato Masciandaro; International Monetary Fund.
Publisher: Washington, D.C. : International Monetary Fund, 2009.
Series: IMF Working Papers, Working Paper no. 09/142.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
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.  Read more...
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Genre/Form: Electronic books
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Marc Quintyn; María Nieto; Donato Masciandaro; International Monetary Fund.
ISBN: 145191718X 9781451917185
OCLC Number: 1044305439
Notes: Available in PDF, ePUB, and Mobi formats on the Internet.
Description: 1 online resource (43 pages)
Contents: I. Introduction; II. A European Supervisory Structure is Born; III. Review of Supervisory Architectures; A. Closer analysis of the EU supervisory landscape; B. Potential policy implications of polarization; IV. Convergence in Supervisory Governance; A. Measuring Independence; B. Measuring Accountability; C. Is There Governance Convergence Within the EU?; V. Conclusions and Policy Considerations; References; Figures; 1 Financial Supervisory Regimes: number of reforms per year (1998-2008); 2 FSU Index distribution; 3 CBFA Index distribution; 4 Financial Supervision Regimes 5 Institutional Independence: Cross-country convergence6 Regulatory & Supervisory Independence: Cross-country convergence; 7 Budgetary independence: Cross-country convergence; 8 Political accountability: Cross-country convergence; 9 Judiciary accountability: Cross-country convergence; 10 Transparency: Cross-country convergence; 11 Total independence: Cross-country convergence; 12 Overall accountability Cross-country convergence; 13 Independence and Accountability: scatter-plot; 14 Independence and Accountability inside and outside the Central Bank 14A: Independence Indices inside and outside the Central Bank14B: Accountability Indices inside and outside the Central Bank; Tables; 1. The Institutional Indicators; 2. Independence Criteria; 3. Accountability Criteria; Annexes; Annex --
The European Framework for Safeguarding Financial Stability
Series Title: IMF Working Papers, Working Paper no. 09/142.
Responsibility: Quintyn, Marc.

Abstract:

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.

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