Blog Post

La Hora de Europa

Nicolas Véron presents the case for an EU financial supervisory Agency and outlines its key elements. Frente a la crisis, los representantes públicos europeos no deben perder de vista los dos elementos indispensables: una buena información y, en caso de necesidad, fondos públicos.En ese híbrido que es la Unión Europea, resulta posible recopilar la información […]

By: Date: November 26, 2008 Topic: Banking and capital markets

Nicolas Véron presents the case for an EU financial supervisory Agency and outlines its key elements.

Frente a la crisis, los representantes públicos europeos no deben perder de vista los dos elementos indispensables: una buena información y, en caso de necesidad, fondos públicos.
En ese híbrido que es la Unión Europea, resulta posible recopilar la información a nivel europeo, pero no los fondos. En ausencia de contribuyente supranacional, sólo los Estados pueden aportar dinero fresco,
ya sea por separado o de forma coordinada.

En cambio, la información sobre los grupos financieros, hoy fragmentada,
puede y debe centralizarse. El proceso Lamfalussy, vigente desde el 2001, o el actual proyecto de colegios de supervisores son compromisos que comparten una misma debilidad: la supervisión por un comité carente
de autoridad. Para prevenir y gestionar una crisis bancaria transfronteriza, es necesario que una autoridad de control disponga de una visión completa de los riesgos. Sin ella, los contribuyentes de los países involucrados
sufrirán más de lo necesario.

La Europa bancaria ha experimentado en el transcurso de los últimos años una integración acelerada y la mayor parte de los grandes bancos realiza hoy una parte esencial de su actividad fuera de su país de origen. Con la crisis, la probabilidad de quiebra ha dejado de ser despreciable. En tal contexto, se vuelve apremiante la necesidad de una autoridad europea de supervisión bancaria.
Algunas decisiones pueden tomarse con rapidez. Según el principio de subsidiariedad, semejante autoridad deberá poseer un mandato limitado a un máximo de unas pocas decenas de grupos financieros de entre los miles de bancos existentes en Europa, que deberán adoptar un estatuto jurídico armonizado.

Dada la posición central del mercado londinense, su ámbito geográfico debería cubrir toda la Unión Europea y no sólo la zona euro. Para preservar su independencia, esta autoridad deberá diferenciarse del Banco Central Europeo (BCE), aunque establecerá con este organismo una estrecha
relación de trabajo. Deberá rendir cuentas a los parlamentos europeo y nacionales. Su organización deberá apoyarse en las autoridades nacionales y permitir una proximidad con las entidades supervisadas. Su misión deberá limitarse a una vigilancia prudencial. Su financiación deberá ser suficiente y crear incentivos adecuados. Su emplazamiento debería estar en Frankfurt
(esto es, cerca del Banco Central Europeo), en Bruselas (cerca del Parlamento Europeo) o en Londres (cerca del mercado).

Más allá de las medidas de urgencia anunciadas el pasado domingo, la supervisión constituye el aspecto esencial de la crisis sobre el cual las actuaciones en el plano europeo son posibles e indispensables. Sin ella, la Unión Europea corre el riesgo de un retroceso en su dinámica de integración financiera, con unas consecuencias desastrosas para el acceso al capital de las empresas y los hogares europeos. La creación de un supervisor bancario
europeo no será, desde luego, una panacea, pero ha llegado el momento de que los representantes públicos anuncien la decisión de principio.


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