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Enrico Maria Cervellati, Eleonora Fioriti



Today there are about thirty authorities supervising national financial markets and institutions in the EU-15 countries. The member States have chosen different models for supervising their financial systems. We describe the three main theoretical supervisory models proposed in the literature: vertical, horizontal, centralised. In practice, however, it is difficult to find a pure application of these models, while the actual supervisory systems are the result of the different legal frameworks of the member States and of the way in which their financial systems developed. Moreover, although the Lamfalussy Report can be considered an important step towards a more integrated financial supervisory system at the European level, the supervisory arrangements are still very different among member States. This work provides an analysis of the different systems of financial supervision in Europe: showing how the differences that still exist among their systems make it more difficult to achieve a real European integration in financial supervision.

Keywords: Financial System, Europe, Supervision

How to cite this paper: Cervellati, E. M., & Fioriti, E. (2007). Financial supervision in EU countries. Corporate Ownership & Control, 5(1-3), 432-439.