The EU is doing its share of the work. Among other things, the Commission has adopted proposals on hedge funds and private equity and made Recommendations on directors' and financial market remuneration.
The meetings have been convened by the respective EU and Eurogroup presidents to prepare the G-20 finance ministers meetingtaking place on 4-5 September, itself a preparation of the G-20 Summit in Pittsburgh on 24-25 September.
Joaquín Almunia, Commissioner responsible for Economic and Monetary Affairs and Internal Market and Financial Services Commissioner Charlie McCreevy will attend, as will European Central Bank Governor Jean-Claude Trichet. A single press conference is expected to take place.
From the outset, the EU has been a key driving force behind the G-20 summit meetings on restoring global financial stability and world growth. The EU is doing its share of the work. Among other things, the Commission has adopted proposals on hedge funds and private equity, to reign on excessive speculation and leverage, and made Recommendations on directors' and financial market remuneration. It brought forward more binding measures to ensure that financial institutions hold enough capital to cover their risks and an initiative on derivatives. The European Council in June endorsed Commission proposals for a new system of financial supervision. Legislative proposals for the creation of a European Systemic Risk Council, to prevent risks to the financial system as a whole, and new EU level supervisory authorities to coordinate supervision of individual cross-border institutions are now expected shortly.
© European Commission
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