The right sort of regulation
EU institutional reforms are key to ensuring the financial crisis never happens again. Donnacha O Connor reports from Ireland
The financial crisis exposed the failure of supervision of the financial sector in many countries, including Ireland. There has been an understandable criticism of the private sector and the regulators and their respective roles in the crisis. The crisis also exposed weaknesses in the EU and domestic legal and institutional framework in which regulators operated. Fundamental changes have been made to the laws governing the EU financial sector and to the institutional infrastructure underpinning European financial regulation and supervisory practices. Within this EU framework, Ireland’s law makers and regulators have taken a number of steps to change the way in which firms are regulated.
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