In an op-ed for Süddeutsche Zeitung, Policy Fellow Sebastian Mack pleads for independent financial supervisory authorities throughout Europe so that a case like Wirecard does not happen again.
Recently, the German legislator drew the first consequences for national financial market supervision. But Wirecard is also a wake-up call to review the European supervisory system. Independence from government and business is the prerequisite for functioning financial supervision in the EU. That is why it must be guaranteed by law throughout Europe.
To strengthen financial supervision across the Union, the European Commission should therefore soon propose EU-wide regulations on the independence of national financial supervisory authorities. Against the background of Wirecard, the German Federal Government would do well to actively call for and support this legislative proposal.
Read the full article (in German) here.