Review of the ESAs
In January 2011, the European Union established three European Supervisory Authorities (ESAs) for the financial sector: The European Banking Authority (EBA, in London), the European Insurance and Occupational Pensions Authority (EIOPA, in Frankfurt) and the European Securities and Markets Authority (ESMA, in Paris). Currently, the Commission is reviewing the regulations governing the three ESAs and will bring forward its proposals for amendments in early 2015.
The ESAs work is crucial for financial markets regulation. This cepInput outlines important aspects of this work and entails 12 recommendations for improving it. Amongst others, we issue recommendations regarding the ESAs’ financing and the specific challenges for EBA resulting from the closer cooperation regarding banking supervision in the Eurozone.