Financial Supervisory Overhaul From EC
The European Commission is to create a new European Systemic Risk board to forewarn of future threats to financial stability.
Following the report of Jacques de Larosiere in February, the new board will comprise central bank governors for the 27 member states and be led by the European Central Bank president.
Separately, the planned legislation will create a European System of Financial Supervisors to revise the current disparate system of financial supervision. This will consist of three authorities, covering banking, insurance and securities, empowered to intervene in decisions taken by national regulators.
Mats Odell, financial markets minister of current EU presidency-holder Sweden, said the aim was to have the new institutions running by next year. This will not be easy. Critics have noted that the risk board will have no formal enforcement powers, while the UK Government has so far resisted proposals for the EU to increase its power over national supervisors.
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