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Commission assesses Greek Stability Programme - recommendations for correcting excessive budget deficit and improving competitiveness
The Commission is recommending a comprehensive structural reform package aimed at increasing the effectiveness of public administration, stepping up pension and healthcare reform, and maintaining banking and financial sector stability. Greece must submit a first report by mid-March 2010.
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SEC-FSA strategic dialogue meeting – special attention to hedge fund regulation
The purpose of the dialogue is for the two agencies to engage at senior level in current issues affecting the US and UK capital markets and areas of future collaboration. Cooperative efforts in areas such as CRAs, AIFM and the clearing of OTC derivatives are increasing.
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CRIS committee: workshop on impact of crisis on SMEs
“SMEs represent the backbone of the European economy, provide most jobs and are the most creative; therefore, they contribute considerably to the EU's success”, declared CRIS Chairman Wolf Klinz (ALDE, DE). MEPs also want to find a way of helping SMEs to easily access credit.
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World Economic Forum debate: “A Roadmap out of the economic crisis”
French Economy Minister Lagarde strongly objected to the Bush administration’s decision not to bail out Lehman Brothers. Looking towards the future, she said, “We have avoided catastrophe and collapse of the financial system. Now we need to decide what to do next.”
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IIF statement on financial regulatory reform and industry practices - global coordination is key to success
Without global coordination there is a risk of undermining the process of global reform agreed at the Pittsburgh Summit and the follow-on work of the Financial Stability Board. Furthermore, lack of global coordination will create regulatory arbitrage through an unlevel playing field.
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World Economic Forum: IMF Head urges caution on winding down economic stimulus
Another problem highlighted by the IMF chief is the uneven pace at which the recovery is taking place around the world. Asia and some other emerging market countries lead the way, while the United States and Europe lag behind.
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ECON hearing on financial supervisory package – de Larosière stresses progress has been satisfactory
Mario Draghi shares de Larosière’s fear concerning the extent to which the ESRB’s decisions will be effective if they are not binding. ESRB having the same structure as the FSB should contribute to its effectiveness.
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World Economic Forum: Papandreou acknowledges Greece faces credibility gap
In Davos this week the Greek Prime Minister denied the country is seeking to raise loans either from its fellow European Union members or from China to help meet its financing needs. He said that a public offering of government debt paper earlier this week was heavily oversubscribed.
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Eurofinas: financial education has a key role to play
EU lawmakers underline the importance of efforts aimed at increasing levels of financial literacy among EU citizens, depicting financial education as a ‘never-ending task’ requiring the attention of public authorities, consumers and industry alike.
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FT: “Volker rule” and “Obama levy” attract the attention of bankers and regulators around the world
The Financial Times reports that the debate on these two proposals is worldwide and that bankers will in the end accept some of the ideas under discussion. A global levy is the proposal that appears to be gaining support fastest.
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World Economic Forum in Davos: Democrats and Republicans agree financial regulation imperative
Tough regulation from the Obama Administration on financial services, as well as an energy package, is expected this spring. US congressmen and senators confirmed that, despite bipartisan differences, there is agreement that financial regulation is urgently needed.
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