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Barnier: Future ESAs need to have the power to impose binding mediation
Commissioner Barnier reiterated that it is essential for ESAs to possess the option to make biding decisions when national supervisors fail to agree. Speaking at the joint ECB and Commission conference he also urged the Council and the EP to reach an agreement on the supervisory package.
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Spanish Presidency compromise text on Omnibus I Directive giving powers to the new ESAs
Changes to existing financial services Directives are necessary for the ESAs to work effectively. The most polemic issue on the debate has been the possible ESAs binding mediation powers; some Member States prefer the ESAs not having them. The Council and the EP are currently debating this Directive
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ECON committee: MEPs hear views of leading figures on the Greek fiscal crisis
The first part of the hearing focused on the next steps in economic surveillance and governance in the EU, and on how to improve the reliability of national statistics. The second part was devoted to Member State debt management and stepping up the surveillance of the derivatives markets.
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ECB's fourth report on financial integration in Europe: Return towards integration is taking place
The report reveals that most integrated markets, such as the money markets, showed clear signs of retrenchment within national borders. The bond and retail banking markets, by contrast, were less affected, and the equity markets did not show any appreciable retreat from cross-border integration.
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Trichet: There is a need to strengthen global governance - in particular in the financial field
Speaking at the Bocconi University in Milan ECB President Trichet called on all institutions, governments, central banks and other parties concerned to make the new post-crisis global governance work exemplary .He added that crucial for the success is the FSB and G20.
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IMF’s report on systemic-risk-based regulation
The report presents a methodology to compute and smooth a systemic-risk-based capital surcharge. It also formally examines whether a mandate, by itself, to explicitly oversee systemic risk, as envisioned in some recent proposals, is likely to be successful in mitigating it.
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Eurozone Members agreed to provide € 30 billion in emergency loans to Greece
Although some technical details still need to be determined, it was announced that the interest rate will be at about 5 percent. The programme will cover a three-year period and it will be cofinanced by the IMF.
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Wolfgang Münchau is still sceptical on the Greek deal
Münchau questioned the EU response to the Greek crisis. Greece is lucky because it was the first country to receive EU help, he said and wonders what will happen to Portugal and Spain. The EU has still not provided a generalized crisis resolution regime, he criticized.
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Commission warned Portugal on excessive debt
The Commission examined the ambitious Portuguese stability programme for the years 2011 to 2013 concluding that additional measures may be needed if risks to the macroeconomic and fiscal developments materialize. Portuguese public debt is expected to reach around 90% of GDP by 2013.
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EP draft report on Directors’ remuneration
Saïd El Khadraoui (S&D/BE) issued his draft report calling on every financial institution and listed company to have an independent remuneration committee accountable to supervisors. The rapporteur added that individual’s bonus must not make up more than 50 percent of their total annual remuneration
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SEC proposed large trader reporting system to protect investors
The SEC is proposing that large traders be required to identify themselves to the Commission, which would then assign each trader a unique identification number. Large traders would provide this number to their broker-dealers, who would be required to report transaction records to the SEC.
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