Abstract
PurposeThe purpose of this paper is to consider financial services sector macro‐prudential and micro‐prudential supervisory reforms in the European Union (EU). It aims to critically examine the new system, reviewing in particular the adequacy of the reform to address financial crises.Design/methodology/approachThe paper is based on a qualitative analysis of the relevant academic and trade literature.FindingsIn considering the new EU supervisory system's constitutional and legal foundation and its organizational structure, the study highlights the revamped and complex architecture's strengths and limitations.Originality/valueThe paper makes a contribution to the understanding of the new financial services sector supervisory system in the EU; few studies have analyzed its constitutional legality and satisfactoriness for the prevention of new crises.
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