7.01 The new supervisory package is a dramatic contribution to improve financial macro- and micro-stability: this is undeniable and it is shown in other chapters of this book. That is why this chapter focuses on the other side of the coin: the half-empty glass of the package, what could have been done but was not. It is important, as soon as possible, to strengthen the powers of ESAs in drafting recommendations and rulebooks, to improve their governance and, in the long term, to shift to a system of supervision by objective (an ‘n-peaks’ system). In case of...
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