European Financial Supervision (Communication)

The new supervisory architecture is to finally close the gaps in the current EU financial supervision which is still shaped in a strictly national manner. It is reasonable that financial supervision will not be excessively centralised at EU level, particularly in view of the political issues such a solution would entail. But even a partial centralisation raises the question whether Member States are willing to accept decisions taken by EU authorities that might possibly lead to long range effects on their national budgets.