¿Consolidación o Competencia para los Reguladores Financieros?

¿Cuántas agencias de regulación financiera necesita un país, una, dos? ¿Quizá tres o cuatro? ¿Qué tal doscientas? Tales preguntas se vuelven más urgentes conforme más y más países, y la Unión Europea (UE) misma, debaten acerca de si consolidar o no la regulación financiera bajo el manto de un único cuerpo todopoderoso.

Las actividades de los reguladores financieros se centran en mantener la integridad del sistema financiero de un país: sus instituciones y transacciones financieras. Su campo de trabajo incluye bancos, otras instituciones de depósito, compañías de seguros, firmas de valores, fondos de pensión, empresas financieras y, sin duda, casi cualquier entidad que realice transacciones financieras. La tendencia actual es que los países consoliden su aparato de regulación financiera en una sola agencia, siendo la británica Financial Services Agency (FSA) un ejemplo líder.

Me parece que esa tendencia es un serio error que, bastante miopemente, no envisiona las equivocaciones de regulación potenciales. Aunque no necesariamente estoy a favor de 200 agencias de regulación financiera (hay más de esto adelante), creo que es más probable que una estructura que involucre a múltiples reguladores financieros en un país genere un sistema financiero más saludable que un solo regulador que lo incluya todo.

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