The supervision of cross-border financial institutions has long been organised on the basis of “he who pays the piper calls the tune”, as Charles Goodhart, the economist, puts it. In other words, since public money is at stake when bailing out insolvent banks, supervisory responsibilities are inextricably linked with fiscal policy. This has been the main rationale for supervisory powers remaining at national level, where taxation powers lie, even within the European single market.
正如manbetx20客户端下载 学家查尔斯•古德哈特(Charles Goodhart)所言，长期以来，对跨境金融机构的监管一直依照“谁付费，谁有权决定一切”的原则。换言之，公共资金在为破产银行纾困时面临着风险，因此监管责任不可避免地与财政政策联系在一起。这是监管权力停留在国家层面的主要理论依据，即使在欧洲单一市场内部，也是这种情况。因为税收权力停留在国家层面。
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