Beyond Wirecard - All of Europe needs independent financial supervisors

Financial supervisory authorities in the EU are not sufficiently independent of political and economic influence. As the financial scandal surrounding Wirecard shows, this entails the risks of conflicts of interest that undermine the integrity of the European financial system and harm the goal of an integrated banking and capital markets union. That is why in his Policy Brief, Sebastian Mack proposes European-wide requirements for the independence, accountability and transparency of national financial regulators. Ten years after the establishment of the European System of Financial Supervision, it is high time to regulate the governance of national supervisory authorities across Europe and thereby strengthen financial supervision throughout the EU.


Image: CC Long Bún, Source: Unsplash