A European Mandate for Financial Sector Supervisors in the EU
IMF Working Papers, January 1, 2009
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Bibliographic details
- Published: January 1, 2009
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451871524.001
Summary
- The EU is deliberating the introduction of an explicit "European mandate" for financial sector supervisors to supplement national mandates.
- Decisions on formulation, scope, legal basis, implementation, and accountability are needed for the introduction of a European mandate to have a substantive positive effect.
- Suggestions are made on:
- (i) the formulation of a European mandate;
- (ii) the policy areas to which it should apply;
- (iii) which institutions should be given a European mandate;
- (iv) the legal basis for the mandate;
- (v) how to implement the mandate in practice; and
- (vi) how to achieve accountability for fulfilling a European mandate.
Suggested policy design elements and focus areas
- Formulation of a European mandate:
- Explicitly supplement national mandates.
- Policy areas to which a European mandate should apply:
- Financial sector policy, Financial sector stability, Banking, Deposit insurance, Financial regulation and supervision.
- Institutions to be given a European mandate:
- Supervisory authorities and relevant EU institutions involved in cross-border cooperation and regulation.
- Legal basis for the mandate:
- Consideration of EU regulation and EU directive frameworks.
- Implementation in practice:
- Practical arrangements for cross-border cooperation among national authorities and EU institutions.
- Accountability mechanisms:
- Arrangements to ensure supervisory authorities fulfill a European mandate and remain accountable.
Key findings and emphasis
- The paper emphasizes that without specific decisions on formulation, scope, institutional coverage, legal basis, implementation, and accountability, a European mandate will not deliver substantive positive effects.
- The analysis is positioned to inform debates on financial sector supervision in the EU context, including cross-border supervisory coordination and the interplay between national and EU-level authorities.