The Tortuous Path to the European System of Financial Supervision
Title: The Tortuous Path to the European System of Financial Supervision
Author: GIANI, Leonardo
Citation: Columbia Journal of European Law, 2011, 18, 1, online
External link: http://www.cjel.net/online/18_1-giani/
The regulatory response to the financial crisis has necessitated (and it still is necessitating) the adoption of a vast array of legal reforms. However, some of the elements of these reforms have departed from their originally intended design. One example of such departures comes from the United States. Commenting on the rule named after him, following the adoption of the Dodd-Frank Act, Paul Volcker stated that “[I]t doesn’t have the purity I was searching for." This paper aims to show that this outcome is not unique to the American experience. In fact, on the other side of the Atlantic, deviations have also occurred during the process that has led to the establishment of the European System of Financial Supervision (“ESFS”) and they have made it more complex than it was initially contemplated.
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