European financial regulation and supervision and the onslaught of the financial crisis

Nonfiction, Reference & Language, Law, International
Cover of the book European financial regulation and supervision and the onslaught of the financial crisis by Veronica Hagenfeldt, GRIN Publishing
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Veronica Hagenfeldt ISBN: 9783640882281
Publisher: GRIN Publishing Publication: April 1, 2011
Imprint: GRIN Publishing Language: English
Author: Veronica Hagenfeldt
ISBN: 9783640882281
Publisher: GRIN Publishing
Publication: April 1, 2011
Imprint: GRIN Publishing
Language: English

Scientific Essay from the year 2009 in the subject Law - European and International Law, Intellectual Properties, grade: Distinction, University of Edinburgh (School of Law), course: Regulatory governance in the European Union, language: English, abstract: The aim of this paper is threefold: first to establish how the regulatory and supervisory architecture has evolved in Europe over the last decade; second to determine how the shortcomings of the present system affected the onslaught of the financial crisis in Europe; and lastly to evaluate whether the proposed regulatory and supervisory reforms are likely to successfully repair these weaknesses. Part I identifies that the single market objective, combined with the significant integration of European financial services, provided the major impetus for bringing about reform to the regulatory and supervisory architecture of Europe. By investigating the Financial Services Action Plan (FSAP) and the implementation of the Lamfalussy Process, this paper illustrates that the member states and the EU institutions sought to achieve a flexible regulatory and supervisory structure marked by cooperation and conversion towards common standards. However, despite the commendable progress made, Part II shows that the regulatory and supervisory system has not kept pace with the financial integration, and that the current crisis revealed substantial inadequacies of the present system. This paper will demonstrate that the weaknesses in the European financial regulatory and supervisory architecture acted both as contributing causes of the crisis, and as exacerbating factors. In particular the essay identifies three such shortcomings that aggravated the crisis, namely that the current system caused a breakdown in member state cooperation and coordination, that it is marked by inconsistency, and that it lacks a sufficiently developed EU-dimension. Lastly, Part III investigates the proposed regulatory and supervisory reforms that the de Larosière Report brought forth. The Report makes recommendations for extensive reform and it is submitted that not only are these reforms likely to cure many of the current cooperation and convergence problems, but they would also equip Europe with a partially centralised supervisory structure that would help prevent future crises of similar cataclysmic proportions.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Scientific Essay from the year 2009 in the subject Law - European and International Law, Intellectual Properties, grade: Distinction, University of Edinburgh (School of Law), course: Regulatory governance in the European Union, language: English, abstract: The aim of this paper is threefold: first to establish how the regulatory and supervisory architecture has evolved in Europe over the last decade; second to determine how the shortcomings of the present system affected the onslaught of the financial crisis in Europe; and lastly to evaluate whether the proposed regulatory and supervisory reforms are likely to successfully repair these weaknesses. Part I identifies that the single market objective, combined with the significant integration of European financial services, provided the major impetus for bringing about reform to the regulatory and supervisory architecture of Europe. By investigating the Financial Services Action Plan (FSAP) and the implementation of the Lamfalussy Process, this paper illustrates that the member states and the EU institutions sought to achieve a flexible regulatory and supervisory structure marked by cooperation and conversion towards common standards. However, despite the commendable progress made, Part II shows that the regulatory and supervisory system has not kept pace with the financial integration, and that the current crisis revealed substantial inadequacies of the present system. This paper will demonstrate that the weaknesses in the European financial regulatory and supervisory architecture acted both as contributing causes of the crisis, and as exacerbating factors. In particular the essay identifies three such shortcomings that aggravated the crisis, namely that the current system caused a breakdown in member state cooperation and coordination, that it is marked by inconsistency, and that it lacks a sufficiently developed EU-dimension. Lastly, Part III investigates the proposed regulatory and supervisory reforms that the de Larosière Report brought forth. The Report makes recommendations for extensive reform and it is submitted that not only are these reforms likely to cure many of the current cooperation and convergence problems, but they would also equip Europe with a partially centralised supervisory structure that would help prevent future crises of similar cataclysmic proportions.

More books from GRIN Publishing

Cover of the book Effect of plant spacing and harvesting age on growth, biomass and oil yield of rose-scented geranium (Pelargonium graveolens L. Herit) by Veronica Hagenfeldt
Cover of the book The role of the Copts in the national movement in Egypt until the 1919 revolution by Veronica Hagenfeldt
Cover of the book The Language Acquisition of Twins and Twin Language by Veronica Hagenfeldt
Cover of the book Paradox and the human psyche in William Faulkner's 'As I Lay Dying' by Veronica Hagenfeldt
Cover of the book Concepts of Time in Virginia Woolf by Veronica Hagenfeldt
Cover of the book The politicization of humanitarian aid and its effect on the principles of humanity, impartiality and neutrality by Veronica Hagenfeldt
Cover of the book Why has the growth in international banking continued despite a reduction in regulatory constraints? by Veronica Hagenfeldt
Cover of the book Medienverantwortung und Medienmacht by Veronica Hagenfeldt
Cover of the book Ulysses S. Grant by Veronica Hagenfeldt
Cover of the book The comparative analysis of the solutions to the problem of nuclear proliferation by Veronica Hagenfeldt
Cover of the book The Linguistic Variation in Jamaica by Veronica Hagenfeldt
Cover of the book Masquerades in Henry James's 'The Wings of the Dove' by Veronica Hagenfeldt
Cover of the book Cry of the Mock Turtle by Veronica Hagenfeldt
Cover of the book Implementing Total Quality Management (TQM) - The Issue of National Culture by Veronica Hagenfeldt
Cover of the book Gender issues in the Pillow Book and the Essays in Idleness by Veronica Hagenfeldt
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy