November 2018: New VoxEU Column – Financial supervisory architecture since the Global Crisis: Supervisory models remain diverse, but more powers for central banks

Daniel Calvo, Juan Carlos Crisanto, Stefan Hohl 23 November 2018.

A well designed financial supervisory architecture is essential for the effective functioning of any financial system. Using a survey of 82 jurisdictions, this column describes the state of financial supervisory models around the world and highlights the key institutional changes after the Global Crisis. It finds that the prevailing financial supervisory model continues to be sectoral, but that there have been incremental but important changes within existing models. Central banks have acquired more financial oversight responsibilities after the Global Crisis, and many jurisdictions have enhanced or are in the process of enhancing their consumer/investor protection supervision.