2006年-ECB欧洲央行_Recent_developments_in_supervisory_structures_in_EU_and_acceding_countries_18页_229kb

Summary of Recent Developments in Supervisory Structures in the EU and Accession Countries

Introduction

The supervision of financial sectors in EU Member States has undergone significant changes, driven by regulatory developments such as the completion of the Financial Services Action Plan and the implementation of the Capital Requirements Directive (CRD). These changes have led to the consolidation of national supervisory structures, with the aim of improving efficiency and effectiveness. The European Central Bank (ECB) plays a crucial role in this process, as it is obligated to contribute to the stability of the financial system and must be consulted on legislative changes affecting supervisory frameworks.

Main Findings

1. Consolidation of Supervisory Structures

• A clear trend towards the consolidation of supervisory authorities continues.
• The number of supervisory authorities is decreasing in many Member States.
• Some countries are rationalising the distribution of tasks (e.g., France), while others are concentrating supervisory functions under one authority (e.g., Belgium, Czech Republic, Slovakia).
• The sectoral model, where each financial sector is supervised by a separate authority, is still present in several Member States, including Greece, Spain, Cyprus, Latvia, Lithuania, and Sweden, with some variations in France, Portugal, and Finland.
• Thirteen countries have moved away from the sectoral model in recent years.
• The single supervisor model is being adopted by several new EU Member States, either through the creation of a new authority (e.g., Estonia, Latvia, Hungary, Malta) or by transferring all financial supervisory functions to the national central bank (e.g., Czech Republic, Slovakia).

2. Central Banks' Involvement in Supervision

• Central banks are generally involved in supervisory activities, even if they do not have direct supervisory responsibilities.
• In some cases, central banks are the sole supervisory authorities (e.g., Czech Republic, Slovakia).
• In other cases, they collaborate with national supervisory bodies, either through shared staff, financial resources, or IT systems.
• Central banks may also be involved in the management of supervisory authorities by proposing or appointing members to supervisory boards.
• In nine countries, central banks are involved in the management of banking supervisors through various mechanisms.

3. Cooperation and Information Sharing

• Formal arrangements for cooperation and information sharing between central banks and supervisory authorities are now in place in nearly all Member States.
• These mechanisms include memoranda of understanding (MoU), cooperation committees, and cooperation agreements.
• In some countries, central banks are also involved in the management of the financial system, particularly in crisis management and policy coordination.

Conclusions

• The trend towards consolidation and efficiency in national supervisory structures continues, but no single model is dominant.
• Central banks play a key role in financial supervision, either directly or through cooperation.
• The ECB has been actively involved in the review and analysis of these developments, particularly in the context of EU-wide convergence and cooperation.
• There is a strong political agreement on the need for enhanced cooperation among European supervisors, facilitated by the Lamfalussy framework.
• The evolution of supervisory frameworks reflects national specificities, including historical, political, and economic factors.
• The debate on supervisory convergence at the European level is likely to influence the configuration of national supervisory systems in the future.

Key Models of Supervisory Structures

Supervisory Structures in Accession Countries

• Bulgaria: Uses the sectoral model, with the Financial Supervision Commission supervising the entire financial market and industry, except banking, which is handled by the Bulgarian National Bank.
• Romania: Also uses the sectoral model, with four supervisory authorities in place. The banking sector is supervised by the National Bank of Romania.

Table Summary