Lannoo, Karel. (2008) Financial supervision is not well served by half-baked solutions. CEPS ECMI Commentary, 9 January 2008. [Policy Paper]
Abstract
[From the Introduction] The decisions taken by the EU finance ministers at the Ecofin Council meeting in December 2007, in response to the turmoil in the markets, highlight the urgent need to subject the current European supervisory set-up to a more radical review. The measures proposed and the mandates given to the Commission and the supervisory committees constitute little more than short-term plumbing, lacking any long-term vision and a coherent institutional framework. The clearest example of this short-sightedness is the move to allow supervisory committees to take decisions by majority vote. Although this move is to be welcomed, it lacks any legal basis, as it concerns committees that are empowered to act merely in an advisory capacity, and whose advice can thus be ignored by member states, as some have already implied is their intention.
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