EU Financial Market Supervision
Revisited: The European Securities Regulator
This paper deals with the regulation
and supervision of financial markets within the European Union (EU). Recent
developments in financial services at EU level as well as regulatory and
institutional developments at national level have recently moved the question
of the institutional structure of the EU financial services regulation and
supervision beyond the purely academic domain to form the subject of specific
political debate. The new Lamfalussy method promises a fast-track
decision-making structure, which will be more transparent, flexible and
effective. Specific legal, economic and institutional hurdles, however, will
further slow down and undermine the creation of the Single Financial Market.
The aim of this paper is to contribute to this debate by critically assessing
the current regulatory and supervisory regime in EU financial services with a
view to drawing policy lessons and recommendations on more effective and
efficient institutional alternatives.