engleski

Integrated supervision of the financial sector in Europe and Croatia

In recent years there is an intense debate going on concerning the advantages and disadvantages of implementing an integrated supervision of the financial sector. For decades financial supervision was mostly organized in the form of specialized agencies for the banking, securities and insurance sectors, but in the last few years a lot of industrialized countries (UK, Germany, Sweden) and countries in transition especially in Central and Eastern Europe (Latvia, Estonia, Hungary), have started to integrate these different supervisory functions into one agency. Taking into account the effect of increasing cross ownership in the financial system between banks and non-bank financial institutions and the trend towards financial conglomerates, the need for better and more efficient coordination between regulators of banks, insurance companies and capital market intermediaries will increase. Therefore it seems that an integrated financial supervision authority or at least a “twin peaks” model would make sense even in the case of Croatian financial sector. Nevertheless a lot of questions arise, like under what conditions should, or should not, a country consider moving to an integrated model of financial supervision? How should an integrated agency be structured, organized and managed? How should the integration process itself be implemented, because there is a danger that during this process the financial system is perhaps not supervised adequately? Considering all these reasons mentioned above, the models of integrated financial supervision of selected countries in Europe and Croatia will be presented and intensively discussed.

financial sector, supervision, integration, conglomerates, Croatia

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