Silvia MERLER Affiliate Fellow at Bruegel [vc_btn title= »Download article » style= »outline » color= »primary » align= »right » i_icon_fontawesome= »fa fa-file-pdf-o » add_icon= »true » link= »url:http%3A%2F%2Fconfrontations.org%2Fwp-content%2Fuploads%2F2017%2F10%2FConfrontations-Europe-n%C2%B0-119-PDF-BD-p19.pdf||target:%20_blank| »] Ever since the 2008 financial crisis, the European Union (EU) has been in a continuous process of reforming its financial sector policy. The EU’s supervisory framework underwent a complete overhaul with the establishment of three European Supervisory Authorities (ESAs) for banking, capital markets and insurance and pensions, as well as the European Systemic Risk Board (ESRB) for monitoring of macro-prudential risks. The euro crisis brought additional change, with the decision to move towards a Banking Union (BU) with centralised supra-national supervision and later with the decision to create a Capital Markets Union (CMU), in order to overcome European firms’ over-reliance on bank loans, which slowed the recovery. This rapid and radical change was bound to create frictions where the legacy of the past had not been properly addressed, and nowhere has this friction been
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