EU's regulatory architecture

Introduction1

Historical Background2

Strengths of the Regulatory Architecture3

Weakness of the Regulatory Architecture5

Conclusion6

Appendix10

EU legal requirements10

Adopted:10

Current Commission proposals under negotiation:10

Awaiting legislative proposal:11

Potential future legislative proposals:11

Strengths and Weakness of the EU's regulatory architecture

Introduction

The recent financial crises in the EU highlighted a number of weaknesses in the EU existing regulatory architecture eliciting a process for relevant reforms that could avoid such problems in the future. A number of reforms have taken place over the past few years resulting in but not limited to the establishment of the new (ESRB) European Systemic Risk Board that was founded in 16 December 2010 with the purpose of having a financial proactive oversight of the whole EU system. In addition to this, starting from 1st January 2011, the European Supervisory Authorities' (ESAs) has replaced all three level three committees to effectively establish the European System of Financial Supervision (ESFS). When implementing such changes in reference to the regulatory architecture of the EU, it is important to consider how Europe has previously undergone many developments and changes in the past with special focus on its financial and economic dimensions during the past 50 years. All these developments have had a huge impact on the emergence of several aspects of the global governance agenda.

With this act, the superstructure "European Union" and was based on the three European Communities preexisting ( ECSC, Euratom and EEC / EC ) and added to them the common foreign policy and police and judicial cooperation, forming a complex known as' the three pillars ". However, with the entry into force on 1 December 2009, the Treaty of Lisbon , the European Union took place, in full, with certain peculiarities, to the European Communities and took with it its unique legal status as a subject of international law. The EU has developed a legal system and political , the European Community , unique in the world, governed by mechanisms and complex internal operating procedures, which have spread and evolved throughout history to conform, at present , a hybrid system of transnational governance that combines hard homologous next to multilateral cooperation , although highly structured and institutionalized, with other vocation purely supranational , governed both by regional integration dynamics accentuated. All this leads to a very peculiar community of law, the legal and political nature is controversial, although their foundational elements and its historical evolution, still open, point, in the present, to a special form of modern confederation or supra-national governance, sharply institutionalized and historical inspiration vocation policy federal -in the sense of a new international federalism, not a state federal -classic is detected with some clarity in areas such as European citizenship , the principles of supremacy and direct effect that apply to its law relating to national law, the judicial system or the monetary union (the system of the euro ).

Historical Background

The president in October 2008 initiated the formal reforms in the European commission. This was when Jacques was appointed as in charge to advice and help develop the EU regulatory architecture. Even though there was one single market in the European Union, there was uncoordinated and uneven financial supervision in the existing system. Additionally the committees of financial services was not properly equipped in any way to insure that the decision making ...