Restructuring Financial Regulation in the European
Monetary Union
XAVIER VIVES
Institut d'Analisis Economica, CSIC, Barcelona, Spain
Abstract
This article argues that present ®nancial regulatory arrangements within the European Monetary Union are not adequate either to preserve stability or to foster ®nancial integration. Reform of ®nancial regulation should concentrate on
XAVIER VIVES
Institut d'Analisis Economica, CSIC, Barcelona, Spain
Abstract
This article argues that present ®nancial regulatory arrangements within the European Monetary Union are not adequate either to preserve stability or to foster ®nancial integration. Reform of ®nancial regulation should concentrate on
-
- establishing clear procedures for crisis lending and management, with the European Central Bank at the
center;
-
- preparing the ground for more centralized supervisory arrangements in banking, insurance, and securities;
and
-
- establishing and consolidating an active domestic and European Union-wide competition policy that limits
local market power and national champions that are too big to fail.
http://blog.iese.edu/xvives/files/2011/09/100.pdf
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