Supervision and Other Authorities

In this chapter, the reader can understand the models for macro and micro-prudential supervision in the European financial market. In the sector, locally we can observe different examples based on focus by subject, objectives, single supervision etc. The European system of financial supervision is the result of a long path, started with the Lamfalussy reform. That framework has been replaced by the new reform de Larosière. The de Larosière reform introduced the current architecture of European financial supervision. Based on this, the existing European system of supervision of financial services in Europe foresees a European Systemic Risk Board (ESRB). Near to this, three European Supervisory Authorities (ESAs): European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA) were instituted. For each of them the following paragraphs describe in detail the bodies, the functions, the organization, the powers and the mission.