Establishing a European Financial Supervision Authority

Over the last couple of years, there has been considerable debate on the need to […]

10/09/2019

Over the last couple of years, there has been considerable debate on the need to “complete” the banking union. In this debate, there has been little attention, however, to the omission of shadow banks from the supervision mandate given to the European Central Bank in and through the Single Supervisory Mechanism (SSM). The European Systemic Risk Board’s (ESRB) – confined to monitoring, as opposed to supervising – recently documented that Europe’s banking and non-banking financial institutions are as interconnected as ever. There cannot be any such thing as completion of Europe’s banking union, we argue, without the establishment of formal European supervision of all non-banking institutions. We identify four potential, explanatory factors for the omission of shadow banking from the SSM mandate. This examination of factors that may help explain the SSM’s narrow supervision mandate, allows us to reflect on strategies – discursive as well as organizational – towards establishing pan-European supervision of all non-banking financial institutions.

Read the policy Study

Find all related publications
Publications
22/04/2025

Trade, trust, and transition: Shaping the next transatlantic chapter

Essays series by FEPS and Center for American Progress (CAP)
08/04/2025

The profit-price spiral in food and energy

Analysis and toolbox to fight inflation
17/02/2025

Expected labour market effects of the Green Deal Industrial Plan (2)

A regional labour policy approach
04/02/2025

Tackling tax avoidance

Reforming capital income taxation in the EU
Find all related Progressive Post
Progressive Post
11/04/2025

Trump’s tariff boomerang

Most trade pundits (and a few others) were shocked by the magnitude of Trump’s tariff […]
11/04/2025

Trade as a force for good jobs

Tariffs and trade wars are never good for workers who inevitably end up paying the […]
Find all related events
Events
Past
23 - 24/04/2025
Washington DC, USA (Expert meeting)

Trade, trust and transition

Progressive Economics Network (PEN) 2025 meeting in Washington D.C.
11/04/2025
FEPS HQ, Brussels (Stakeholder meeting)

Roadmap to the next MFF

Supporting Just Transition and cohesion
09/04/2025
Berlin, Germany

Day of Progressive Economic Policy 2025

The new European Commission and the incoming German government are facing unprecedented challenges:  an industry […]
Find all related news
News
26/02/2025

FEPS reaction to the European Commission’s Clean Industrial Deal

What Teresa Ribera presented today is an ambitious plan that makes the case for Europe […]
07/02/2025

FEPS President on the European car industry and the Competitive Compass on Euronews ‘Brussels, my love?’

FEPS President Maria João Rodrigues took part in the Euronews talk show ‘Brussels, my love?‘ […]
27/06/2024

Join Tax the EU Billionaires Day!

Do you know that the richest 1% in Europe owns half of European wealth? Join […]
18/01/2024

FEPS President at Euronews talk-show ‘Brussels, my love?’

Alongside German conservative MEP Lars Patrick Berg and Fabian Zuleeg, Chief economist and director of […]
Find all related in the media
In the media

Tévedés azt hinni, hogy Trump után visszatérhetünk a régi kerékvágásba

by telex 24/04/2025
“It’s a mistake to think we can go back to the old normal after Trump”. Interview with FEPS Secretary General László Andor in Telex (HU), where he discusses the global trade tensions triggered by Trump-era tariffs, the shifting US-China dynamic, and the need for the EU to develop a new strategic approach in a permanently changed world order.

Brussels, my love? Europe’s economy in a struggle for survival

by Euronews 21/10/2024
FEPS director of studies and policy David Rinaldi participated in this episode of Euronews’ show ‘Brussels my love’.

Megadóztatná a szupergazdagokat? Ha igen, most tehet valamit

by Zöld Hang 04/10/2024
'Would you tax the super-rich? If so, you can do something now' Interview to FEPS Secretary General, László Andor on the 'Tax the rich' EU initiative by the Hungarian newspaper Zöld Hang.

Orbánov boj z zunanjim sovražnikom ni bil kos inflaciji

by DELO 28/05/2024
In an article in Delo, László Andor criticises Viktor Orbán government's economic policies, such as not allowing Hungary to join the euro area, which he believes would have helped curb inflation. He also criticises the government for blaming external enemies such as the President of the European Commission, to cover up its own failures.