Research Discussion Papers, Bank of Finland
No 12/2007:
Integration of financial supervision
Helena Holopainen ()
Abstract: The emergence of financial conglomerates and multinational
financial institutions as well as the development of new financial products
have raised concerns as to the ability of separate sectoral supervisors and
different national authorities to effectively oversee financial markets.
Concentrating on the European situation, this paper addresses these
concerns by putting special emphasis on the role of organizational form in
the supervisory process of financial institutions. I will first outline the
developments that have led to increasing pressures to reform the current
supervisory systems in Europe, proceed to discuss both some common and
specific aspects of supervision of financial conglomerates and
multinationals, and, finally, examine the challenges related to the
integration of supervision. Using theoretical framework derived from
economic theory, this paper points that multitude of factors (eg, several
multitasking-related concerns) are likely to affect the effectiveness of
integrated supervision.
Keywords: financial supervision; financial conglomerates; multinationals; integration of supervision; (follow links to similar papers)
JEL-Codes: G21; G22; G28; (follow links to similar papers)
30 pages, September 26, 2007
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