A complex European financial architecture - 10 years on

The ESA Review confirmed the importance of the European Supervisory Authorities and the European Systemic Risk Board, established 10 years ago, but only led to limited changes in their structure. European Securities and Markets Authority was given new competencies, but they remain limited in terms of the objective of creating a capital markets union. Apart from the Single Supervisory Mechanism, member states prefer cooperation rather than integration mode for their financial markets.

Karel Lannno is General Manager of ECMI and CEO of CEPS.