Necesidades de reestructuracion de la regulación de las finanzas en Europa, X.Vives 2001

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

• -  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