Brussels to step up pace of bank reform

The European Commission adopted a Communication on Financial Supervision in Europe on the 27 May 2009. The Communication proposes a set of ambitious reforms to the current architecture of financial services committees, with the creation of a new European Systemic Risk Council (ESRC) and European System of Financial Supervisors (ESFS), composed of new European Supervisory Authorities.

Legislation to embody these proposals will follow in the autumn. The Commission also invites all interested parties to submit their reactions on the Communication before 15 July 2009.

European Commission: Press Release: IP/09/836: Financial services: Commission proposes stronger financial supervision in Europe http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/836&format=DOC&aged=0&language=EN&guiLanguage=en

ESO: Background information: Financial regulation plan faces UK obstacles http://www.europeansources.info/record/financial-regulation-plan-faces-uk-obstacles/

European Commission: DG Internal Market and Services: General policy: Financial Services Committee Architecture http://ec.europa.eu/internal_market/finances/committees/index_en.htm

EurActiv, 28.5.09: Commission tables banking supervision plan, faces criticism http://www.euractiv.com/euro-finance/commission-tables-banking-superv-news-221970

France24, 27.5.09: Barroso unveils tough new plans for monitoring banking and finance http://www.france24.com/en/20090527-barroso-european-commission-plans-monitoring-financial-banks-2010-system

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