论欧盟金融服务法中的最低限度协调原则

The Principle of Minimal Harmonization in EU Financial Services Law

在欧盟金融服务法中,最低限度协调原则是指共同体立法只对各成员国金融监管规则的基本要素进行协调。这一原则尊重了成员国的国家主权,有助于降低金融服务市场一体化的政策成本,并能够充分发挥市场机制的作用以促成最优的监管标准。《欧共体条约》中的特别协调条款是这一原则的直接依据,金融服务指令中的协调条款是其集中体现。最低限度协调原则只适用于符合共同利益的非歧视性限制措施。在其适用范围内,各成员国只能进行执行性立法。该原则的确立和推行是以相互承认为核心、以母国控制为表现形式的一体化模式成功运用的必然结果。晚近的立法实践表明,这一原则有被边缘化的危险。

In EU financial services law, the principle of minimal harmonization aims at the approximation of national financial requirements by Community legislation. Legal harmonization is based on the special harmonization clauses of EC Treaty, and embodied in the harmonization provisions in financial directives. Only non-discriminatory national restrictions fall in the scope of this principle, in which Member States can only lay down implementing measures. Minimal harmonization respects the national sovereignty, reduces the policy costs of financial integration, as well as motivates regulatory competition to form the most optimal regulatory standards. This principle developed from the success of the integration instrument of mutual recognition. Recent practice has suggested the danger of its being marginalised.