From Fragmentation to Financial Integration in Europe by Charles Enoch Luc Everaert Thierry Tressel Jianping Zhou

Author:Charles Enoch, Luc Everaert, Thierry Tressel, Jianping Zhou
Language: eng
Format: epub
ISBN: 9781475570311
Publisher: International Monetary Fund
Published: 2013-08-15T00:00:00+00:00

Chapter 15. Governance and Transparency of EU-Wide Institutions

Scott Roger

The prospective introduction of the Single Supervisory Mechanism (SSM) and the experience to date with the European Supervisory Authorities (ESAs) raise some important transparency and accountability issues. So far as the SSM is concerned, the key issues are how this may affect the appropriate transparency arrangements for monetary policy and what arrangements should be put in place for the SSM. For the ESAs, the issue is how transparency, accountability, and governance arrangements might be strengthened, based on the experience since their establishment in 2011.

By and large, the levels of transparency and accountability in the areas identified in the IMF “Code of Good Practices on Transparency in Monetary and Financial Policies” are high; indeed, in many cases practices at the European level help in defining best practice. Consequently, an in-depth analysis of current practices would find relatively few areas in which standards may be notably below best practice.

More relevant is a forward-looking approach to the issues of transparency and accountability of monetary and financial policies at the European supranational level. In this regard, there are two main areas in which issues arise, either currently or in prospect. The first concerns the appropriate transparency and accountability arrangements for monetary and supervisory policies undertaken by the European Central Bank (ECB) when it takes responsibility for supranational banking supervision for the euro area and possibly other countries. The second concerns the transparency and accountability arrangements for the four ESAs established in 2011 and whether they should be modified in the comprehensive review of the ESAs initiated in April 2013.1

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