危机后欧洲金融监管体系的发展及启示

The Development and Enlightenment of Post-crisis European Financial Regulatory System

2008年国际金融危机重创欧洲金融市场,并引发欧洲主权债务危机。2010年欧盟通过《泛欧金融监管改革法案》,全面启动金融监管改革工作。欧洲系统性风险委员会(ESRB)的成立,标志着欧洲宏观审慎管理和微观审慎监管相结合的金融监管框架正式形成。随后2012年欧洲银行业联盟成立,欧洲中央银行(ECB)的职能也从单一的货币政策扩展至金融稳定和金融监管。从欧盟成员国看,德国和法国在金融危机后也进行了相应的金融监管体制改革。本文将对2008年国际金融危机后欧盟金融监管体系的发展进行梳理分析,并对当前我国金融监管改革提出些许启示及建议。

In 2008,the international financial crisis heavily hit European financial markets and triggered a sovereign debt crisis in Europe.In 2010,the European Union（EU） adopted the Pan-European Financial Regulatory Reform Act,which fully initiated the reform of financial regulation.The establishment of European Systemic Risk Board（ESRB） marked the formal formation of a financial regulatory framework that combined European macro-prudential management with micro-prudential supervision.The European Banking Union was formed in 2012,and European Central Bank（ECB） expanded its duties from a single monetary policy to the financial stability and financial regulation.Among EU member countries,Germany and France also carried out corresponding financial regulatory reform after the financial crisis.The paper reviews and analyzes the development of European financial regulatory system after the international financial crisis in 2008,and offers some enlightenment and suggestions on China＇ s financial regulatory reform.