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date: 05 March 2021

Abstract and Keywords

This Chapter examines the issues associated with regional coordination in the regulation of financial markets by focusing on the EU. It begins by considering the need to accommodate cross-border capital flows, along with the resulting regulatory strategies. It then discusses the relationship between Member State-based supervision at the national level and supranationally based supervision at the EU level. It also evaluates various types of interaction between these supervisory structures and different levels of supervisory arrangements, with particular reference to self-regulation- and competition-based market discipline vs supervisory hierarchies, as well as multilateral institutional structures vs supervisory colleges. In addition, the Chapter analyses the EU’s adoption of a two-tier approach to financial oversight to control systemic risk; namely, micro- and macro-prudential supervision by the European Systemic Risk Board. Finally, it explains the role of the European Banking Union in efforts to centralize specific micro- and macro-prudential supervisory tasks via the Single Supervisory Mechanism.

Keywords: regulation, financial markets, EU, capital flows, self-regulation, systemic risk, prudential supervision, European Systemic Risk Board, European Banking Union, Single Supervisory Mechanism

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