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Contribution to Book
Who is Going to Supervise Europe's Financial Markets
Financial Markets in Europe: Towards a Single Regulator (2003)
  • Mads Andenas

The article argues that financial market regulation at the national level cannot be effective. Rule-making, supervision and the handling of crises require international and European solutions. In the EU, EMU with its separation of monetary policy and banking regulation, this is particularly striking. Different forms of cooperation will not be sufficient. But financial market regulation is crisis driven, and only a crisis where the national institutions are shown to fail will force the way for a European or international institutional solution, perhaps around the ECB or IMF. The welfare cost of such a crisis will be a high price to pay for the lacking ability to find a working institutional solution.

  • financial markets,
  • regulation,
  • comparative law,
  • European union law
Publication Date
Mads Andenas and Yannis Avgerinos with a Foreword by Charles Goodhart
Kluwer Law International
Citation Information
Mads Andenas. "Who is Going to Supervise Europe's Financial Markets" London The Hague New YorkFinancial Markets in Europe: Towards a Single Regulator (2003)
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