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    What role should the European Central Bank play in financial market supervision

    Sibert, Anne (2009) What role should the European Central Bank play in financial market supervision. Other. European Parliament, Brussels.

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    Abstract

    The General Council of the ESCB should be the forum where the macro-prudential financial supervision policies of the EU central banks should be discussed and decided. Article 105(6) should be amended. The words “… with the exception of insurance undertakings” should be removed. If the ECB were to be given greater responsibility and authority in the area of macro-prudential supervision, then it must be required to be less independent and more accountable than it is when making monetary policy. It is difficult for the ECB to take a larger macro-prudential financial stability role before the issue of how the Eurosystem is to be recapitalised in the event of capital losses realised while the ECB plays this role is addressed and resolved.

    Metadata

    Item Type: Monograph (Other)
    School: Birkbeck Schools and Departments > School of Business, Economics & Informatics > Economics, Mathematics and Statistics
    Depositing User: Sarah Hall
    Date Deposited: 06 May 2014 10:39
    Last Modified: 06 May 2014 10:39
    URI: http://eprints.bbk.ac.uk/id/eprint/9674

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