A Twin-Peaks Vision for Europe's Financial Supervisory Architecture

In this new paper co-authored with Dirk Schoenmaker, we advocate the "twin peaks" model of supervisory architecture as a long-term vision to guide the European Union's future financial reform efforts. "Twin peaks" refers to the separation of prudential supervision from conduct-of-business supervision, as these two types of authority require different mindsets, skills, and supervisory approaches. 

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