Naslov
Competition policy in the new European regulatory and supervisory architecture of the financial system

Autori
Pavković, Anita ; Peroković, Tatjana

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
Contemporary Legal and Economic Issues V

Urednik/ci
Barković Bojanić, Ivana ; Lulić, Mira

Izdavač
Pravni fakultet Sveučilišta Josipa Jurja Strossmayera u Osijeku

Grad
Osijek

Godina
2015

Raspon stranica
353-376

ISBN
978-953-8109-00-3

Ključne riječi
banks, competence, regulation, competition policy, „too-big-to-fail“ paradigm

Sažetak
The necessity of maintaining the stability of the financial system is an indisputable paradigm. Competition is believed to be a desirable phenomenon leading to greater choice for consumers, motivating firms to innovate and improve efficiency thus leading to overall growth. Achievement of financial stability goal has been entrusted to central banks and/or special financial regulators. Competition policy is in the domain of competition agencies that in relation to financial regulators act ex post. The financial crisis led to re-examination of relationship between competition and systemic stability and it remains to be seen what will be the dominant thesis in the post-crisis phase. The crisis has also put regulation and then present supervisory architecture into question. The massive public intervention to troubled banks revived the notion that banking is not like any other sectors. State aids and other forms of public intervention marked a return of too-big-to- fail paradigm. It seems that the European Union has managed to solve the problem of too-big-to fail as one of the central competition policy issues while simultaneously maintaining financial stability in troubled times. The answer was found in the creation of the Banking Union and establishment of single resolution mechanism as an integral part of it. It remains to practice to confirm the robustness of this new model.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA