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Source : THE BANKER
Page of Review : 1 
Page of Document : 2 
Page of NewsPaper : 10 
Category :ECONOMIA E POL. INTERNA 
Author : RASSEGNA FLASH 

Abstract : Better supervision is key to stability Thè EU needs (o slep up co-opeialion on 
linanc'ial supervision? That is wlial is n'quircd lo prcvcni criscs and mainlain ihe 
soundness of (mancia! insiilulions and markets, says Tummaso P.idoa-Schioppa In llie 
lif-'Ìd of Sinaiu-ial sìabilky, ddjak-s aboul European or inU'i-n.ì-.lional i.-o-opLTalion
 usually focus on crisis managrmern. Howc'vcr. ihc- \v';iy in wliiclì co-operalion h.
ini'lions 111 a crisis dcpcnds crudallv on lile \\';iv il opri-aics in ordinai'v limes.
 ThciTlorc aiicniion shouid shifi from cmcrgi-ncv lo ordinarv (•iri.'uni'ilances, irom 
ibe rcsoluiion lo ilic prcvi-nlion of crises. Ordinarv limr.s ;ind cri.sis prcvclilinn 
,ìrc ilio lìcids in \\'hi<;h co-opcr;3tin]ì slii-ti.ild slop iip. Supervision r-wi bc
 dflìiii-d ;i,s llic-inìpiciìirniiìuon ;ind (•ilibi-fciiiciil uf rc^ulaiion ainiing
 ai ilie s;ifeiy ,uid .soundncss ùf lìnanciiil iiisliiulions nnd niariieis. Il consisis 
of muniioring llic ^tale of licallli and tlie aciiv'iìy of regij-ìalecì entiucs, 
autiiorisinfi o]3i.-r;ìlioiìs, giving auvici7', L'xerl-ing lìloral ]ìL'i"sua-sifin ;iiid 
receiving coiiiidciina! inibrnia-lion. It opes'al.cs ihrough on'siic- and ofì-sile examm.
ilions, inleivic^vi; coni'i-denlial meerings, iulì'i]mi"m ol rcjiùrting oliliganons and 
inlerpret.inon ol rules. Uniikc nìher ìndustric-S) linaiicc ]s caJIed a svilem - a sci of
 coiiiiccted lliings. Conneciion is pru\'idcd by ilinlli-p1c cicmente: conlìdrnL-e, inUTbank
 rela-tions, payineni rircuits, i-noni'iary ]tolicy impulses, eie. Thè slronger KLIC-II 
cie--inenfs are, ihc' more d-ic indusd-y forn-is a aysi-em. Thè liR-bler lile sysit-m, ihe
 inore it lìeeds uniform rnìes and consis-lenL ent'oi-cenieni. Sudi a nced ìx-ronies dearc-T 
as counti-ies I•]lo\^e froni a global srale, io a sin^lc markci (tlie EIJ), io a smgle 
(•urrcncv arca, io a nanun siale. Financial sysieins are noi oniy geu-graphicallv segmenied,
 iliry are also liered vitrUcaHv. l'i counLrics sudi ;is Cìermriny and ilie US ìliere are 
iholi-sands of locaìiy. largdv uiironnecied banks and fe\v banks lliai o]->crali'-nationwidc.
 Il can bc arg'ued llial Jl^-forgan, Denisdie Bank, UniCiedii and pei-ììaps Iwo doz-cn oibrr
 gioìial fìnancial iiistiluliuns foi-in ;i sysic'rn among ihcmst-h 'tì, \vi[li l!ie piclhora 
of respfClive \wmc coiintrie-i. Since thc fìrst banking crisis alìci-Worìd ^Var 11, liicn- has
 ìx'en grcat progress in making rcg-nlalion iniern.i-lional - he il in Basd for die worid 111-
in Brusseis for llw Europcan singic n^arkL-l. Capilal rcquircnu'niS) supei"1,'!-sion un a. 
consulidalcd ijasis. cnleria for licensing banks, and deposil insnrance are some o! tilt" fidds
 in whidi inlerna-nonai ruìrs liave been agreed. SupervisiOìI léfì behind Howcver, no (:'qLii\'
alent progi'i;ss has bcen madi' in liic lìclcl of supervisiun. Undrrsiandabiv so b^L'ause,
 allhough rule-inaking ia, by deiìnilion; a k-gisiaiivc' iask ihat can br ]ic'rforn"ied ì)y 
commii-Ices of naiional olììdais mecling occa-sionally, rule enforcL-mcni is an executive 
funriion i.lial nccds lo bc conduclcd on a coniinuous basis by lai-gc bureancra-dcs, csiablishcd
 on lile grùLiiid dose lo lili: i-1-g'Lilaled ("nlilies, enirusli-d 'iviili largo discrriionary
 powci-s linked to ihe sii-uriiirL- of go\'crnmeiit - wl-lidi Ìs r\ M.-clcd to bave lile hmtì 
\vurcl wl-irii laxpaycrs' moni-y niav bL- rcqnircd io br.tr lili.' t'ost ol a (.TISIS. 'l'in'
 dividing line bctween rcgulalion and SLipcivision is coni-'eplui-illv cìc.ìr bui dusi\'e in
 praclicc. In Europi' dicre Ìs a cummoii and srelìnngiv •\'crv precise regLilaiion 'dìi^'ed 
in llie niarlile' oi dil-ecli^^es. \c\ thè main l)ank-s. ^•bidi opi.'rale in 10 or nìon' 
counirn's find il iin]3ùs'sitjÌr lo ori^anisc complianci.' ^'lili rules ti-olìi llicir s^roup
 lic;td(. i,ia)'tcrs in a siriiciìjrrd uay beraLisc rulcs and requimni-'nis are l'olii gitele
 I v diiìrreiil across counirics, \L'L, irne harmomsa-lion \vould sa\'e a lol u!' moin-\' and
 pruvidc illese insliunions \villi a nn.n-h bcilcr iiÌclure of iheinseivcs- Co-opcraiion is
 a niui;h more diiÌì-cull exL'rcisc for supemsinn llian lur irgulauon. Vci il is bc'coming 
inc're.i';-ingiv ncfcssary. \\'avs nc-ed lo be iiivenlcd, jiist ;is lliev \\'ere invriìH'd 
in lile 1970s. ui ^'rilf comnion rulc1;- !ii ihe KU lili" n'cenl. iniaiicial lur-lìloil w;ìs
 ;ì rc\'i.'alina; le'il. \V]iile- in ihe nioiiL''lcìry fìcid. ilìc Europeaii C(-'ni]".il 
Baiik (l^CB) ha.s ncicci quickiy ;ind dori" si\vly. lile .supfrvi'iory fLinction li;is i^c-fii
 almo-it- aliselìl: nu ('iTi-cl-ive slìaring ol' cvìdeiice, noi cven sjiccial iriceungs io 
form a common assessinem of IÌ"IL' (^'rnl.'i and i.ipconiing' riyk.s, and 110 rc-lc-v'iinl 
(•xclianyes oi' infornialion ln-lweL-n ìhc E(^B and ilic sìlpcn'isurs of lile curozoni-. 
Tlie bank tackcd lile kcy iiifbrin;ilion 011 coumcr-pai-ty soiindiiess llial is iiormiilly 
availabìe to n;uion;il cenli-al iìanks iind jinideniial ad\'iser.s. L;i-il Decembcr, lile 
EU decidcd lliat co-upcr.ilioii shouid ì)c sirenglln'iìt'd. Il u'ill addre^ iJìis issuc 
again lliis 

Reference date : 09/04/08 Data :09/04/08 08.09