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EU and Global Financial Supervision

  • Christian Felber
Chapter

Abstract

This chapter proposes that every market level should be equipped with corresponding financial supervision. Today, there is still no such supervision on a global scale, although financial markets have been liberalized globally within the World Trade Organization WTO and other trade and investment agreements. Furthermore before the onset of the 2008 financial crisis, there was also not even a supervisory authority at EU level. Within the aftermath of the crisis, three authorities have been established in the EU, however they are toothless. They cannot split up banks that are too big to fail nor will they check new financial products prior to launching nor can they apply ambitious capital requirements for the financial dinosaurs. Additionally, a supervisory instance on a global scale is proposed which could also coordinate international tax policies as already proposed by other authors. Furthermore, an Economic Coordination Council at the United Nations could round off the new picture of global governance.

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Copyright information

© Springer International Publishing AG 2017

Authors and Affiliations

  • Christian Felber
    • 1
  1. 1.Economics and BusinessVienna UniversityViennaAustria

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