Take Britain, the country with the greatest reform, as an example. Before the financial crisis, the authority of financial supervision was mainly in the Financial Services Authority (FSA). 1998 and 200 1 year, the supervision power of British banking and securities and futures was transferred to FSA respectively, forming a joint supervision mechanism of the Ministry of Finance, the Bank of England and FSA. However, the business of the Ministry of Finance is far from the financial industry, and the Bank of England wants to supervise the lack of corresponding information, tools and means, but it is unable to do so. FSA has always been criticized (such as lax capital adequacy requirements), especially its performance during the financial crisis. These regulatory departments have problems such as division of departmental interests and poor information, which also causes inefficiency and ineffectiveness of supervision.
After the financial crisis, Britain is planning to reform the financial supervision system (partly because of political reasons, by establishing a new supervision system, new government agencies have won public support). At the beginning of 20 13, FSA was officially cancelled, and its business was transferred to PRA (Prudential Supervision Bureau under the Bank of England, responsible for micro-prudential supervision and direct supervision of financial institutions) and FCA (Financial Conduct Supervision Bureau, responsible for consumer protection and other businesses). At the same time, FPC (Financial Policy Committee) was established as a committee under the Board of Directors of the Bank of England, and the chairman of the committee was the Governor of the Bank of England. One of the important tasks of the Committee is to eliminate or reduce systemic risks, undertake the "macro-prudential supervision" function of the Bank of England to maintain the stability and vitality of the entire financial system, and be endowed with powerful macro-prudential management tools.
So far, the Bank of England has three major functions: monetary policy formulation, macro-prudential supervision and micro-prudential supervision.
The EU's financial supervision has also been reformed. First, the ECB can directly supervise important banks. Second, the EU has improved the main composition of financial services, and established four institutions, namely, the European Systemic Risk Committee (ESRB), the European Banking Regulatory Authority (EBA), the European Securities and Market Regulatory Authority (ESMA) and the European Insurance and Pension Regulatory Authority (EIOPA), which have become the four pillars and four kings of EU financial supervision. Separate supervision and macro-risk supervision are integrated, and the latter three institutions form a joint committee to strengthen.
In the United States across the Atlantic, the power of the Federal Reserve to supervise banks has also been expanded.
For China, the financial separation supervision mode is considered to be successful, although it also has some defects. But in recent years, the integrated operation of financial institutions, such as the Yellow River, is unstoppable. Financial capital shuttles between various financial institutions, such as the surging river, which flows endlessly. The lack of information exchange and the solidification of departmental interests in the three-party meeting have led financial institutions to carry out regulatory arbitrage, which is considered to have boosted this year's stock market crash. After the stock market crash, the central bank, which was powerless beforehand, had to take care of the aftermath and wipe its ass for the stock market crash. The bill of the central bank also means that all citizens pay the bill. Because the business differences of financial institutions have been reduced and gradually homogenized; Financial capital and financial information can boast that the financial structure has accelerated the flow, so unified supervision of financial institutions is imperative.
In view of the international experience and the reality in China, the financial supervision in China must be changed. So how to change it, you can make the following guesses:
1. It is definitely to unify the power of financial supervision to a regulatory body, either the central bank, the financial supervision bureau established after the merger of the three associations, or a co-ordination institution set above the three associations.
2. The central bank will definitely have a greater say in financial institutions, either the direct supervision right or the right to suggest, intervene and obtain information from the unified supervision agency.
To make a metaphor, before the Third Meeting of China, it was like the Five Overlords in the Spring and Autumn Period and the Seven Heroes in the Warring States Period. There are cooperation and disputes between them; The next three sessions will be dominated by the Daqin Empire. Since then, financial supervision is also "the same book, the same car".
The general trend of the world, long-term division will be combined, long-term division will be divided-Romance of the Three Kingdoms. The supervision system is just a form. The key is to strengthen the effectiveness of supervision, prevent financial structure confusion and strengthen the stability of the financial system.