Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
  1. Home
  2. Search

Refine search

Refine search

Access:
Content type:
Publication date:
Apply   From and To filters
Subject: Show more
Journals Show more
Publishers: Show more
Societies Show more
Series: Show more
Collections: Show more

Actions for selected content:

Select all | Deselect all
  • View selected items
  • Export citations
  • Download PDF (zip)
  • Save to Kindle
  • Save to Dropbox
  • Save to Google Drive

Save Search

You can save your searches here and later view and run them again in "My saved searches".

Please provide a title, maximum of 40 characters.
Cancel
×

1 results

  • 16 - A ‘Twin Peaks’ Vision for Europe

  • from Part III - Different Topographies
  • Edited by Andrew Godwin, Andrew Schmulow
  • Book:
    The Cambridge Handbook of Twin Peaks Financial Regulation
    Published online:
    24 June 2021
    Print publication:
    15 July 2021, pp 282-291

  • Summary

    The European financial supervisory architecture is based on a sectoral model with separate authorities for banking, insurance, and securities and markets. New developments in the European financial sector make this sectoral structure increasingly out of date. To deal with these challenges, the EU should commit to a Twin Peaks model as a long-term vision for supervision. The first peak would conduct prudential supervision, focusing on the health and soundness of financial firms. As these financial firms have become increasingly interwoven, the vision of integrated cross-sector prudential supervision is increasingly compelling, even though legal obstacles suggest that this cannot be implemented at the European level in the near term. The second peak would be a strong markets and conduct-of-business supervisor. This supervisor would focus solely on the proper functioning of markets, and the fair treatment of consumers. This Twin Peaks model should guide Europe’s efforts to deal with current challenges.