后危机时代欧盟金融监管改革动向与评析

An Analysis of EU Financial Regulatory Reform in the Post–crisis Era

欧洲中央银行成立后,欧盟建立了四个层级的莱姆法路西金融监管框架。全球金融危机使欧洲金融部门和实体经济都遭受了重创,促使欧盟启动了新一轮金融监管改革。改革的前期主要着眼于防范和化解系统性风险,搭建宏观审慎与微观审慎相结合的监管框架。欧债危机爆发后,欧盟的金融监管改革着眼于恢复银行业活力,并以此摆脱债务危机的困扰。在设立了欧洲稳定机制后,欧盟决定建立欧元区统一银行业监管机制。在新的银行业监管框架中,欧洲中央银行被赋予了更大的权力,不仅负责制定银行业监管政策和标准,而且拥有了对欧元区银行直接监管的权力,并履行最后贷款人的职责。如何使货币政策和金融监管有机结合起来,实现物价稳定和金融稳定的目标,是欧洲中央银行将要面对的新挑战。

After the establishment of European Central Bank （ ECB ）, the EU has created four levels of the Lamfalussy Framework for financial regulation. The global financial crisis has made the European financial sector and the real economy suffered heavily, and the EU has started a new round of financial regulatory reform. The early stage of the reform mainly focused on preventing and mitigating systematic risk, meanwhile, building the regulatory framework from both macro prudential and micro - prudential aspects. After the outbreak of the European sovereign debt crisis, the EU＇s financial regulatory reform focused on the recovery of banking activity, and struggled to get out of debt crisis. After the establishment of the European Stability Mechanism （ ESM ） , the EU decided to establish a unified banking regulation mechanism. In the new framework, the European Central Bank gets greater power. The ECB will not only be responsible for making the banking regulatory policies and standards, but also become the direct supervisor of all Euro zone banks and the lender of last resort. In addition, it is still a new challenge for the ECB to organically combine the monetary policy and financial regulation to achieve the goal of price stability as well as financial stability.