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Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors

Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors by Marc Quintyn
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In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establishing a complex multiple principals-multiple agents network. This paper focuses on the network of national agencies. Starting from an analysis of supervisory architectures and governance arrangements, we assess to what extent lack of convergence could undermine efficient and effective supervision. The main conclusion is that harmonization of governance arrangements towards best practice would better align supervisors' incentive structures and, hence, be beneficial for the quality of supervision.
International Monetary Fund; July 2009
43 pages; ISBN 9781452720807
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Title: Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors
Author: Marc Quintyn; Donato Masciandaro; María Nieto