In the short term, all parties have to take their responsibilities and agree on an ambitious governance package with two pillars – surveillance of fiscal policies and surveillance of macroeconomic policies, sending out a clear message to strengthen the economic policy framework that has been dented during the crisis.
With the objective of focusing specifically on the market conduct and customer protection issues, several jurisdictions across the globe are moving towards a “twin peaks” regulatory architecture. Conceptually, twin peaks regulation separates the Market Conduct Regulation and Consumer Protection (i.e.