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The Regulation of financial services in the EC, centralization or national autonomy?

Author: Dermine, Jean INSEAD Area: Finance Series: Working Paper ; 91/35/FIN Publisher: Fontainebleau : INSEAD, 1991.Language: EnglishDescription: 25 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: The paper evaluates the regulatory structure of the European financial services industry. It addresses the issue of hierarchy of regulations that is the eventual need for centralised regulation at the level of a European central bank, harmonisation of national regulations, and competitive (de)regulation or "host country" regulation. An economic analysis of the sources of market failure concludes that competition between national regulators will benefit consumers of financial services and the efficiency of financial markets in most cases. The paper warns against an abusive interpretation of the "public interest" criterion which is used too often to restrict competition. Finally, the paper argues that more work remains to be done to achieve open and stable financial markets
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The paper evaluates the regulatory structure of the European financial services industry. It addresses the issue of hierarchy of regulations that is the eventual need for centralised regulation at the level of a European central bank, harmonisation of national regulations, and competitive (de)regulation or "host country" regulation. An economic analysis of the sources of market failure concludes that competition between national regulators will benefit consumers of financial services and the efficiency of financial markets in most cases. The paper warns against an abusive interpretation of the "public interest" criterion which is used too often to restrict competition. Finally, the paper argues that more work remains to be done to achieve open and stable financial markets

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