EZA 624: ECB

16 July 2004

ECB 'Watchers' Conference, Frankfurt - analysis & commentary
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SummaryEZA Comment: This was the least satisfactory session. The ECB and the European commission both pulled their punches, steering away from any very concrete proposals for future action. The ECB was possibly inhibited by the fact that its mandate even on banking supervisory issues is very circumscribed, although it does have a clearer role in respect of clearing and payment systems. The Commission may still be focusing more on the final stages of implementation of the Financial Services Action Plan than on what further legislative steps might need to follow this. It was also disappointing that neither institution felt like openly tackling the controversial issue of the advocacy by some Member States of national, as against pan-European, champions in the financial services sphere. More encouraging was their endorsement of the need for consultation between policy makers and market participants.

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© Graham Bishop