Financial Market Supervision: European Perspectives [February 4, 2010]   [open pdf - 327KB]

"The global financial crisis has sparked a debate over the cause and impact of the crisis. Academics and policymakers are searching for changes in the financial system that can correct any perceived weaknesses in the structure of regulation, the content of regulations, and the coverage of financial instruments and activities. Since the onset of the crisis, numerous proposals have been advanced to reform or amend the current financial system to help restore economic growth. In the United States, the Obama Administration has proposed a plan to overhaul supervision of the U.S. financial services sector. The proposal would give new authority to the Federal Reserve, create a new Financial Services Oversight Council, create a Consumer Financial Protection Agency, and create a new National Bank Supervisor to replace the Office of the Comptroller of the Currency and the Office of Thrift Supervision. […] Similarly, governments in Europe are considering what, if any, changes they should make to their national financial systems. Along with the United States and other countries, European countries also are considering changes to the international systems of financial supervision and regulation in order to ensure prosperity through the smooth operation of domestic and international financial systems. […] This report addresses the European perspectives on a number of proposals that are being advanced for financial oversight and regulation in Europe. The European experience may be instructive because financial markets in Europe are well developed, European firms often are competitors of U.S. firms, and European governments have faced severe problems of integration and consistency across the various financial structures that exist in Europe."

Report Number:
CRS Report for Congress, R40788
Public Domain
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