Most financial institutions in the European Union (EU) are still
based in one country, but a number of large financial institutions
(LCFI) have systemic cross-border exposures. The paper explains
how, despite much progress, nationally-segmented supervisory
frameworks and national accountability for financial stability
hinder optimization across borders of banks' operations and
efficient and effective LCFI supervision. A full-fledged EU-level
prudential regime that operates along-side national regimes--a
European Banking Charter (EBC)--could harness market forces to
establish a level playing field for financial sector competition,
while plugging some significant gaps in Europe's financial
stability framework without concentrating excessive powers.
International Monetary Fund
|Country of origin:
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