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Part II The New European Supervisory Architecture, 8 Nationally Fragmented Supervision over Multinational Banks as a Source of Global Systemic Risk

Guido Ferrarini, Filippo Chiodini

From: Financial Regulation and Supervision: A post-crisis analysis

Edited By: Eddy Wymeersch, Klaus J Hopt, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 03 October 2023

Supervision — Banks and cross-border issues
8.01 The recent financial crisis revealed important flaws in banking supervision that are now at the centre of regulatory reform in Europe and internationally.1 Supervisory authorities and risk managers failed to identify the systemic implications of numerous financial institutions’ exposure to the same or correlated risk factors.2 National fragmentation of supervision and regulation was recognized as an obstacle to effective macro-prudential oversight.3 At micro-prudential level, fragmentation did not allow for a holistic approach to the supervision and crisis...
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