The European Commission (EC)’s proposals for a new pan-European financial regulatory structure, based on recommendations by the de Larosière group, do not provide a sufficiently clear framework, according to some observers. The Commission has called for the creation of the European System of Financial Supervisors to provide a more centralised structure for financial regulation in the region. The body would be fully accountable to political authorities in the EU. Under its new plans, the three current EC committees charged with harmonising banking, insurance and securities.
Saturday, June 6, 2009
EU blueprint ‘does not go far enough’
The European Commission (EC)’s proposals for a new pan-European financial regulatory structure, based on recommendations by the de Larosière group, do not provide a sufficiently clear framework, according to some observers. The Commission has called for the creation of the European System of Financial Supervisors to provide a more centralised structure for financial regulation in the region. The body would be fully accountable to political authorities in the EU. Under its new plans, the three current EC committees charged with harmonising banking, insurance and securities.
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