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E.V.Ponomarenko
CRISISLESSONS:THEREVIEWOFRUSSIAN…
ernosanctionsfornon-compliancebynationalregulatorstotheseinstructionsin
theDraftareprovided.
ThesecondstructureEuropeanSystemofFinancialSupervisors(ESFS)
willconsistofnationalEuropeanfinancialregulatorsoftheEUmemberstates
andthreenewEuropeanobservantagenciesresponsibleforthesupervisionover
banks,financialcompanies,insurancecompaniesandthepensionfunds.The
ESFSshouldcarryoutcontroloverexecutionofpan-Europeanbanking
regulations,andalsooveracceptanceofemergentanti-recessionarymeasures.
Threenewsupervisoryagencies(basedonexisting)areEuropeanBanking
Authority(EBA),EuropeanInsuranceandOccupationalPensionsAuthority
(EIOPA)andEuropeanSecuritiesandMarketsAuthority(ESMA).Newsuper-
visingbodiesareallocatedwithrealpowers.Theywillbeabletoconducttheir
owninvestigations,requestdirectlyinformationfromtheEuropeancompanies
andactasthearbitratorindisputesbetweennationalregulators.Theseagencies
willhavetherighttoissueprescriptionstothenationalsupervisingbodieswhich
shouldbecarriedoutwithin10days.Ifthenationalsupervisingbodiesfailto
complywiththeprescriptions,themeasureswillbetakenbytheEuropean
Commission.
ThefinaldraftoftheEUfinancialregulationreformhasalreadybeensub-
mittedforconsiderationandadoptionbytheEUCouncilandEuropeanParlia-
ment.Itisplannedthatthenewsupervisoryauthoritiesstartworkingin2010.
AgainstthisreformistheUKBritishgovernmentfearedthatnewfinancial
regulatorshavetoomuchpower,bringingtheUKtolosesomecontrolovertheir
financialsystem.BritishauthoritiesclaimthattheplanoftheEuropeanCom-
missionmayconflictwiththeinterestsofsomeEUcountries.[5]
BankingreforminGreatBritain.IntheUKmonetarypolicyhas
traditionallybeenrealizedbytheBankofEnglandbymanaginginterestrate.In
March2009,theCommitteeonmonetarypolicyfortheBankofEngland
announcedthatinadditiontomanaginginterestrate,theBankofEnglandwill
infusionmoneydirectlyintotheeconomythroughthepurchaseofassets.Thus,
monetarypolicyshiftsfrommanagingthepriceofmoneytothemanagementof
itsquantity.[5]
Afterfinancialcrisisintheautumnof2009,theBritishgovernmentdecided
toreformconsiderablythebankingsystemwiththepurposetoavoidfuture
consolidationofcreditinstitutionstillthesizeswhichexcludetheirbankruptcy,
sincesuchconsolidationcreatesasenseofimpunitytheyareassuredthatthe
statewillcometotherescuethem.Thereforelargebanksaremoreinclinedto
increaseriskyoperations.ThemanagementofBankofEnglandconsidersthat
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