International Monetary Fund. Monetary and Capital Markets Department
INTERNATIONAL MONETARY FUND
This article reviews the European Securities and Markets Authority (ESMA) of the European Union. ESMA performed a role in the regulation and supervision of the securities market. ESMA was created to supervise the financial system to enhance financial markets. In crisis management, ESMA focused on coordination, and identified and monitored risks. It also played an important role in the single rule book credit rating agency supervision. The assessment of the ESMA in the European Union is a next level in economic development.