THE DEVELOPMENT OF MACRO-PRUDENTIAL SUPERVISION AFTER THE GLOBAL FINANCIAL CRISIS
Journal Title: Jurnalul juridic naţional: teorie şi practică - Year 2018, Vol 1, Issue 1
Abstract
The preceding wave of financial market deregulation and the lack of macro-prudential supervision were central reasons for the 2008 Global Financial Crisis (GFC). The regulatory authorities had completely underestimated the systemic risks arising from over-complex, highly leveraged, and internationally traded securities. After the GFC, the Financial Stability Oversight Board was established in the US to identify systemic risks at an early stage. At the G20 level, the Financial Stability Board was established for a similar purpose. In the EU, the implementation of the European Systemic Risk Board and the European System of Financial Supervision established a new macro-prudential supervisory regime.
Authors and Affiliations
Mikele SHCHURBA
Keywords
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