Financial Supervision Models

Marina Barata, Master's in Law
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The debate on the structure and functioning of the European financial system is necessarily linked to the discussion regarding the financial supervision models.

This is not a recent issue, since it resurfaces with every financial crisis, but it is still relevant, especially if we take into account that the globalization movement brings along a greater propensity for instability in the financial sector given the risk of contagion, systemic risk or the domino effect.

Financial globalisation has gradually, in the name of synergies and competitive advantages, blurred the boundaries between the various sectors of financial activity, allowing the financial conglomerates to emerge.

Today, in addition to the traditional credit function of banking — raising savings or other repayable funds and transferring them on own account to other economic agents through loans or other forms of financing — Banks can provide investment services, operate on the stock exchange, invest in own account in real estate, and mediate insurance.

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Comment on “La nueva relación entre el Estado y la sociedad”, by José Esteve Pardo

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by Agustín Ruiz Robledo, Professor at Universidad de Granada

Review on the book “La nueva relación entre el Estado y la sociedad”, by José Esteve Pardo, Ed. Martial Pons, Madrid, 2013.

The economic crisis has been studied almost from the moment it broke in front of European’s faces in 2008, a time in which many of us thought that the crisis was a purely American matter. Without intending to be very precise, we could say that this broad collective reflection has produced a specialization among economists, who analyse the causes, and lawyers, who focus on the consequences that the crisis is having on our system. However, José Esteve Pardo, Professor of Administrative Law at the University of Barcelona, has broken this pattern to try an approach to the background of the crisis, a crisis that he considers to be of all European states and not just one in particular. In his thesis, as he advances in the title, he considers that the balance between society and State which was gained in the Occidental world after World War II has been broken. This telluric movement, or “fault” as the author calls it, derives in economic problems, terrible unemployment figures, rampant corruption, etc.

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