In this paper, we aim at conducting an analysis of the supervision and regulation arrangements at the\r\nlevel of EU27 countries. We assess the involvement of central bank in the maintenance of financial\r\nstability as well as an analysis of the financial supervision unification index and the central bank as\r\nfinancial authority index calculated at the level of the year 2011 (August), according to Masciandaroââ?¬â?¢s\r\n(2004) methodology. We will also analyse these indices dynamically and comparatively for the year\r\n2004 ââ?¬â?? the year of the first wave of adherence to the European Union (EU), respectively 2008 ââ?¬â?? the first\r\nyear when the present crisis was felt in the whole Europe. We observed that at the level of the European\r\nUnion, there is heterogeneity regarding the types of financial supervision national systems. The\r\ndegrees of concentration of supervisory and regulating power as well as the central bank degree of\r\ninvolvement differ from one country to another. There are four possible patterns in the interaction\r\nbetween the indexes. The two most frequent models are polarized: 11 countries with a high\r\nconcentration of powers with low central bank involvement and 10 countries with a low concentration\r\nof powers with high central bank involvement. From the point of view of the dynamics of these\r\nindicators, we may notice in whole an increase in the degree of concentration as well as in the degree\r\nof involvement of the central bank in the financial supervision and regulation during the period of 2004\r\nto 2008. During the period of 2004 to 2008, a significant increase of these indicators was registered for\r\nthe new members, while for the old member states, this had relatively reduced changes, the averages\r\nfor the two groups of countries becoming fairly equal, as a result of caching up process. During the\r\nperiod of 2008 to 2011, the evolution has registered a higher increase in the value of the two indicators\r\nfor the old member countries, phenomenon which may be explained by the implications of the\r\ninternational financial crisis broken out in August 2007. We propose a change in the present EU-level\r\nfinancial supervisory regime as a combination of the sectoral model with the objectives-centred model,\r\nsuch as the following: the micro-stability (prudential regulation) could be maintained at the level of the\r\npresent European supervisory authorities (ESAs), but the transparency in the market of intermediaries\r\nand customer protection, and respectively, the safeguarding and promotion of competition in the\r\nfinancial intermediation sector should be tackled by two other distinctive integrated agencies
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