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Commission sets out plans for major financial reform

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Tuesday, 13 October 2009

Commission sets out plans for major financial reform

EU executive foresees some EU-level supervision; difficult talks predicted. The European Commission presented proposals for a major reform of financial supervision in the EU that would transfer some binding powers from member states to authorities at an EU level.Under the proposals, EU authorities would be empowered to settle disputes between national supervisors for the banking, insurance and securities sectors, and take emergency measures in a crisis such as restrictions on short-selling. They would also be tasked with drawing up harmonised technical standards – for example, on liquidity standards and reporting frameworks – that would be applied in all member states. The Commission proposals foresee that the authorities might eventually be given direct supervisory powers over some large institutions, replacing national supervisors.

Source: European Voice