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10 September 2014

Juncker's letter to Lord HIll


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The President sent a 'Mission Letter" to Lord Hill, setting out 'What I expect from you as a Member of the Commission' as well as specific goals. Hill gets a new Directorate-General for Financial Stability, Financial Services and Capital Markets Union.


Amongst the responsibities of the Commissioner are:

• Contributing, as part of the project team steered and coordinated by the Vice-President for Jobs, Growth, Investment and Competitiveness, to the jobs, growth and investment package to be presented within the first three months of our mandate, by outlining measures to improve the investment environment and presenting concrete initiatives on the long-term financing of the economy. This will include seeking appropriate ways to revive sustainable and high quality securitisation markets, to reduce the cost of raising capital in the Union and to develop alternatives to our companies’ dependence on bank funding.

• Continuing to put in place a regulatory framework which ensures the resilience and stability of the financial services sector. Financial markets and institutions should be appropriately regulated and supervised with, where relevant, appropriate crisis management tools.


• Ensuring that the financial services regulatory framework takes into account the needs and interests of consumers and retail investors and proposing any necessary measures to make financial services work better for citizens.

• Ensuring timely and effective implementation of the financial services regulatory reform agenda, including the accompanying delegated/implementing acts. All necessary arrangements for the Banking Union should be made so that the Single Resolution Board is set up and operational on time.


• Reviewing the functioning and the operation of the European Systemic Risk Board and the three Supervisory Agencies (“ESAs”), including their interaction with the Single Supervisory Mechanism and the Single Resolution Mechanism. Particular attention should be paid to reviewing the governance and the financing of these Agencies. On the latter, you should find a way to eliminate EU and national budgetary contributions to the ESAs which should be wholly financed by the sectors they supervise.

• Bringing about a well-regulated and integrated Capital Markets Union, encompassing all Member States, by 2019, with a view to maximising the benefits of capital markets and non-bank financial institutions for the real economy.


• Contributing, as part of the project team steared and coordinated by the Vice-President for the Digital Single Market, to ensure the safety and the modernisation of the Union’s regulatory framework on digital/electronic payments in order to facilitate online purchases. The safety and appropriateness of certain virtual currencies should also be assessed and, where appropriate, relevant policy measures should be proposed.

 

Letter



© European Commission


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