Fixing European oversight : the case for convergence over centralisation

Abstract

The architecture of the European Capital Markets Union (now the Saving and Investments Union) is undergoing a structural evolution, shifting its centre of gravity from the proliferation of harmonised rules toward the rigorous consistency of their application. To achieve a uniform supervisory landscape across the Union, two competing paradigms emerge, the centralisation of supervision under a singular European authority, or the refinement of supervisory convergence within a decentralised network.