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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
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...