Ronald Gerritse, Chairman of the Executive Board of the Netherlands Authority for the Financial Markets, believes Europe should work towards a ‘twin peaks’ model for prudential and conduct-of-business supervision in the European Banking Union. He wrote an article on this subject that was published in the Dutch newspaper Financieele Dagblad on July 21st 2012.
“We may be at ease, if that is necessary for fiscal and political reasons, with a ‘dual spires’ model where it concerns prudential regulation – and prudential regulation only – across the Eurozone on the one hand and the other Union members on the other. But conduct-of-business supervision in one single market deserves a 27-member EU arrangement.”
“The Banking Union is not one of cramped and withdrawn regional banks. It is, however, one of responsible and prudent institutions, which can serve business customers and consumers fairly and responsibly. A multi-tiered conduct-of-business supervision by a European Supervisory body fits that very Banking Union.”
The AFM is committed to promoting fair and transparent financial markets.
As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.