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07 September 2010

Barroso letter to the MEPs on the State of the Union


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Barroso presented the Commission 2011 working programme on financial services which includes MIFID review, UCITS rules on depositories and remuneration, legislation on packaged retail investment products and legislation on corporate governance.


The Commission has presented ideas which have framed the debate on strengthening economic policy governance in the EU and the Euro Area. The cornerstone is enhanced surveillance of fiscal policies, macroeconomic policies and structural reforms. This should be backed up by firm enforcement mechanisms to prevent or correct the excesses that could endanger growth and jeopardize the common financial stability.
The Commission has moved quickly to implement the necessary adjustments to the “code of conduct” of the Stability and Growth Pact and will continue to take action on the measures falling under its direct competence. The Commission will table legislative proposals at the end of September. These proposals will be obvious candidates for an inter-institutional programming agreement to "fast track" consideration and adoption of texts.
The European Parliament is actively engaged in co-deciding on the new regulatory framework for the EU's financial services sector. As the Commission set out in June, the Commission will complete its financial reform programme by making further proposals including a set of crisis management tools for prevention and resolution of failing banks, improved market transparency, sanctions against market abuse, further strengthening of the bank capital rules and initiatives to improve corporate governance in the financial sector. In the coming days the Commission will present legislative proposals to bring transparency and security to derivatives markets and to address the issue of naked short selling including credit default swaps. Most of these proposals will be adopted by the Commission this autumn, with the rest to follow early next year, thus also ensuring that the Commission have delivered on the international commitments to the G20. The Commission will  work closely with the Parliament to accelerate decisions on these proposals.
The 2011 Work Programme will include:
·         The ongoing work to complete and conclude a new framework for economic governance, including legislative proposals.
·         The final measures to complete the comprehensive reform of the European financial system : MIFID review; UCITS rules on depositories and remuneration; legislation on packaged retail investment products; further amendments to the credit rating agencies regulation; legislation on crisis management and bank resolution funds; legislation on corporate governance. The Commission will also follow up on the conclusions to be reached this autumn in areas like taxes on the financial sector.
 
 


© European Commission


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