Call for early warning system for banks

New pan-European bodies need to be established to beef up the supervision of financial institutions in Europe and better monitor risks to financial stability, a closely-watched high-level report recommended on the 25 February 2009. The High Level Group on Financial Supervision (Chairman: Jacques de Larosière) had been set up by European Commission Barroso in the autumn of 2008.

EurActiv, 26.2.09: EU expert group calls for tightened financial supervision http://www.euractiv.com/en/financial-services/eu-expert-group-calls-tightened-financial-supervision/article-179770

ESO: Background information: Trichet says regulation must be extended http://www.europeansources.info/record/trichet-says-regulation-must-be-extended/

High Level Group on Financial Supervision in the EU: Report (February 2009) http://ec.europa.eu/internal_market/finances/docs/de_larosiere_report_en.pdf

European Banking Federation http://www.ebf.eu/

Website: Financial Stability Forum http://www.fsforum.org/

EurActiv, 3.3.09: ECB official airs doubts over de Larosière report http://www.euractiv.com/euro-finance/ecb-official-airs-doubts-de-laro-news-221330

BBC News, 25.2.09: Report urges EU finance watchdog http://news.bbc.co.uk/1/hi/business/7909274.stm

Reuters, 25.2.09: Report urges phased EU financial oversight reform http://uk.reuters.com/article/worldNews/idUKTRE51O25N20090225?feedType=RSS&feedName=worldNews

ESO: Background information: High Level Expert Group on EU financial supervision to hold first meeting on 12 November http://www.europeansources.info/record/press-release-high-level-expert-group-on-eu-financial-supervision-to-hold-first-meeting-on-12-november/

European Commission: SPEECH/09/76 http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/09/76&format=HTML&aged=0&language=EN&guiLanguage=en

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