EU economy and finance ministers and governors of the central banks agreed on a joint response to confront the economic slowdown and restore confidence in the financial markets.
EU economy and finance ministers and governors of the central banks agreed on a joint response to confront the economic slowdown and restore confidence in the financial markets.
ECOFIN agreed to implement a consistent and coordinated response at European level. In financial matters, measures aimed at restoring confidence through increased transparency and accountability will be implemented without delay. The ministers and governors had verified compliance with the transparency recommendations made to the banks for the publication of their half-year results.
The economy and finance ministers and governors also debated a better coordination of the controls and supervision of financial players in Europe. They pronounced themselves in favour of a standardised application of EU rules by supervisors. To this end, the data sent by banks to the supervisory authorities would be harmonised by 2012.
The Presidency also proposed solutions for enhancing the coordination of the various national authorities that supervise financial groups operating in several European countries.
French Presidency press release
© Presidency of the Council
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