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Barnier: binding remuneration rules across the financial sector would be an incentive for taking less risk
The immediate priority for Europe is concluding unfinished business. This includes equipping it with effective regulation for alternative investment funds and enforcing the EC's supervisory package proposal based on the Larosière Report.
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ECOFIN Council: Greece must correct government deficit by 2012
The Council has set numerical limits on Greece's government deficit, requiring it to make annual changes to its consolidated gross debt in 2010, 2011 and 2012. Greece must implement a tight timetable of corrective measures, the first deadline being 15 May 2010.
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ESRB, EIOPA and ESMA “Rapporteurs” publish draft reports for discussion at next ECON Committee
ESRB dossier rapporteur and French Liberal MEP Sylvie Goulard is proposing, among other things, to regroup all the European supervisory authorities together in Frankfurt.
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Lord Turner: past assumptions about benefits of unlimited financial services liberalization and innovation must be challenged
The FSA Chairman said the recent crisis had shown that expansion in the scale and sophistication of financial activity is not always beneficial to the global economy. Policymakers need to indentify the fundamental drivers of past financial crises.
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New classification system between ECB and CEBS reporting frameworks
The aim is to reduce the reporting burden for entities required to deliver data to the Eurosystem and to supervisory authorities. It also creates synergies between datasets originally designed for different purposes.
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ECB Executive Board creates Directorate General, Financial Stability and appoints Director General
The aim of the new Directorate is to cope with increased responsibilities for the monitoring, identification and assessment of systemic risks in the euro area and the EU financial system, as well as support for the future European Systemic Risk Board.
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Spanish Presidency publishes Omnibus Directive Compromise text
The Omnibus Directive amends existing key directives in order to give powers to the ESAs. The areas in which amendments are proposed include the appropriate scope of technical standards and the possibility of authorities settling disagreements.
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ESBG position on EC supervisory package proposal
ESBG has concerns about the powers envisaged for the ESAs, in particular, its ability to impose binding decisions on individual institutions. It is of the utmost importance that the situations and legal relationships established by the new EU supervisory framework remain predictable.
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EU member states agree to support Greece with its debt crisis
After a speculative week on the future of Greece, member states agreed to support the Greek government and help it solve its debt crisis. The accord amounted to an implicit assurance to help Athens with debt refinancing problems in April and May.
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Jerzy Buzek on EP rejection of SWIFT interim agreement
The Lisbon Treaty, agreed by 27 member state governments, has given MEPs a right of veto over international agreements of this kind. The same governments must accept that the EP will use this power in a way which reflects the concerns of Europe's citizens.
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FT: “Japan supports Tobin tax”
The Financial Times reports that the Tobin tax is increasingly being seen as a real policy option. Japanese Vice-Finance Minister Naoki Minezaki believes a tax should be levied on financial transactions to curb market volatility and prevent it from threatening economic growth.
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Letter from Tokyo - reflections after my visit: Some devils leap out of the detail of implementing G20 recommendations in Japan
The recently-elected Japanese Government may be more forceful in G20 negotiations in areas of technical detail if Japan’s interests are divergent: bank capital adequacy, accounting standards and clearing of derivatives.
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