Trust Matters in the Single Market, but How? Analysing Trust Amongst European Financial Supervisors
通过研究欧盟金融监管者网络，分析国家监管机构之间信任的构成要素，揭示信任如何影响单一市场内投资基金的跨境销售与监管协调。
Abstract European regulatory co‐operation has become essential for the smooth operation of the single market, and this in turn requires trust. In the case of the European Union (EU) ‘Undertakings for Collective Investment in Transferable Securities’ (UCITS) Directive, for example, the member states' financial supervisory authorities rely on each other to provide a harmonised regime for the sale of investment funds across the EU. Funds authorised in one member state can be sold freely in another member state without further authorisation. The national authorities need to trust each other to ensure a consistent application of EU law. Yet we know very little about how trust matters from the perspective of member state regulators. In this article, we provide a better understanding of the relevant components of trust in the single market in financial services through an in‐depth case study of an EU network of national financial market supervisory authorities.