{
  "title": "A European Mandate for Financial Sector Supervisors in the EU",
  "publication": "IMF Working Papers, January 1, 2009",
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  "summary": "The EU is deliberating the introduction of an explicit \"European mandate\" for financial sector supervisors to supplement national mandates.",
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    {
      "heading": "Summary",
      "content": "- The EU is deliberating the introduction of an explicit \"European mandate\" for financial sector supervisors to supplement national mandates.\n- Decisions on formulation, scope, legal basis, implementation, and accountability are needed for the introduction of a European mandate to have a substantive positive effect.\n- Suggestions are made on:\n  - (i) the formulation of a European mandate;\n  - (ii) the policy areas to which it should apply;\n  - (iii) which institutions should be given a European mandate;\n  - (iv) the legal basis for the mandate;\n  - (v) how to implement the mandate in practice; and\n  - (vi) how to achieve accountability for fulfilling a European mandate."
    },
    {
      "heading": "Suggested policy design elements and focus areas",
      "content": "- Formulation of a European mandate:\n  - Explicitly supplement national mandates.\n- Policy areas to which a European mandate should apply:\n  - Financial sector policy, Financial sector stability, Banking, Deposit insurance, Financial regulation and supervision.\n- Institutions to be given a European mandate:\n  - Supervisory authorities and relevant EU institutions involved in cross-border cooperation and regulation.\n- Legal basis for the mandate:\n  - Consideration of EU regulation and EU directive frameworks.\n- Implementation in practice:\n  - Practical arrangements for cross-border cooperation among national authorities and EU institutions.\n- Accountability mechanisms:\n  - Arrangements to ensure supervisory authorities fulfill a European mandate and remain accountable."
    },
    {
      "heading": "Key findings and emphasis",
      "content": "- 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.\n- 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.\n\n---\n\n Content in this bundle\n\n- wp0905\n  - wp0905 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0905 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/a-european-mandate-for-financial-sector-supervisors-in-the-eu-22566"
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    "Published: January 1, 2009",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451871524.001",
    "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:",
    "Formulation of a European mandate:",
    "Policy areas to which a European mandate should apply:",
    "Institutions to be given a European mandate:",
    "Legal basis for the mandate:",
    "Implementation in practice:",
    "Accountability mechanisms:",
    "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.",
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