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1. Introduction in:

Stanyo Dinov

Central Banks as a Bank Supervisor, page 17 - 18

A Comparison of the Function of the Bank of England, the Federal Reserve and the European Central Bank

1. Edition 2017, ISBN print: 978-3-8288-3993-9, ISBN online: 978-3-8288-6765-9, https://doi.org/10.5771/9783828867659-17

Series: Wissenschaftliche Beiträge aus dem Tectum Verlag: Rechtswissenschaften, vol. 90

Tectum, Baden-Baden
Bibliographic information
Introduction As a result of the Global Financial Crisis in 2007 the financial and bank supervision in many countries was reformed. This dissertation is devoted to examine the three main bodies that historically and symbolically represent three different legal systems, influenced by each other and comparable to one another. They all represent the model of free market economy, whose roots began with the idea of economic liberalism and wellbeing from Adam Smith. The legislators in the UK, the USA and the EU have chosen solutions that are in some ways similar though in other ways different to reform these financial systems. A pivotal role in the new reforms is that the Central Banks (CBs) have to supervise the banks. Beside their primary function to trigger the monetary policy they also become the role to be bank supervisor. Therefore, on the basis of their historical development, the dissertation will present and compare the post-crises reforms by these three systems, with the main focus on the CBs' role as banking supervisor. In this regard, problems will be discussed and some alternative solutions will be presented. The most important conclusions will be outlined at the end. 1. 17

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Abstract

As a result of the Global Financial Crisis in 2007, the financial and bank supervision in many countries was reformed. Stanyo Dinov investigates the Central Banks of the three advanced financial systems – the UK, the USA and the EU – and the questions related to their supervisory role. All three banks historically and symbolically represent different legal systems, influenced by each other and comparable to one another. They all represent the model of free market economy, whose roots began with the idea of economic liberalism and wellbeing from Adam Smith. The legislators in the UK, the USA and the EU have chosen solutions that are in some ways similar though in other ways different to reform these financial systems. Therefore, on the basis of their historical development, the author presents and compares the post-crisis reforms by these three systems, with the main focus on the CBs’ role as banking supervisor. Existing problems are discussed and some alternative solutions are presented.