Gertrude Tumpel-Gugerell
Stabilization of the financial market - challenges of the EU System of Central Banks and the supervisory authority
At present, a decentralized system of banking supervision is under discussion. Such a system in principle can function only under the conditions of the currency union. Existing differences in supervision standards can not, however, lead to differences in the quality of supervision. Furthermore, the efficiency of supervision of financial groups acting on a Europe-wide basis have great importance. It must also be ensured that the exchange of information between the European Central Bank and national supervision authorities is determined precisely. An evaluation of the principles for an efficient bank supervision leads for Austria to the conclusion that almost all supervision standards have been implemented. The model of self regulation in the area of supervision is to be criticized. Central point of critique is the disregard of the connex between the right to enact risk and limitation norms and the responsibility for a avoiding systemic risks.
