Go Big or Go Home: The Home State Supervision Principle in the European System of Financial Supervision

For decades, European finance has been structured on the basis of a little-known principle, the home state supervision principle. While this principle has encouraged financial globalization, boosted the development of financial regulation and defined financial supervision in the European Union, it has also been the source of supervisory failures that heightened the Global Financial Crisis.
Despite extensive reforms enacted by the European Union over the past dozen years, this dissertation shows that the home state supervision principle remains central to European financial law and that the weaknesses identified after the crisis have not been fixed. It argues that the home state supervision principle is not a solid foundation for financial supervision, because it prioritizes market integration and national control over financial stability.