About EU and International
The financial crisis has demonstrated the interconnectedness of the global financial markets and economies. The international response to the crisis has increased the importance of closely engaging with and monitoring the EU and international standard setting bodies.
Developments to strengthen the international financial regulatory system include the establishment of the new European Supervisory Authorities, the introduction of the Single Supervisory Mechanism (SSM) and proposals for new legislation and revision of existing directives/regulations within the EU. As much of Ireland’s financial services regulation derives from EU legislation, the Central Bank of Ireland actively engages with the European Union on policy development.
In addition, international standard setting bodies for banking, markets and insurance such as the Basel Committee on Banking Supervision (BCBS), International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS), have developed reform programmes in response to the financial crisis. The Central Bank of Ireland is either represented in these bodies or closely tracks their output.