The EBF appreciates the emphasis placed on the necessary impartiality of the decisions of the ESRB, ESAs and Board of Appeal. EBF expects swift clarification on the precise role it will play.
In the wake of the publication of the European Commission’s package of legislative proposals issued today, the European Banking Federation (EBF) welcomes the plans for the establishment of three new European Supervisory Authorities (ESAs) and a European Systemic Risk Board (ESRB).
EBF Secretary General Guido Ravoet said: “This is an important step forward towards a more efficient and integrated European supervisory system that can match the integration of the European single market for financial services.”
He recalled that the June 2009 Council conclusions endorsed the Commission’s proposed new supervisory framework. European banks are now calling on the co-legislators to live up to these conclusions and ensure the objectives of the reform can effectively be met.
And added: “The EBF strongly supports the involvement of industry within the proposed European Banking Authority and the European Securities and Markets Authority; for example in a Banking Stakeholders Group and a Securities & Markets Stakeholders Group respectively and repeats its call for a similar participation to be formalized at the macro level within the ESRB.”
The EBF appreciates the emphasis placed on the necessary impartiality of the decisions of the ESRB, ESAs and Board of Appeal. It notes the Commission’s involvement, logical due to the EU legal framework, but expects swift clarification on the precise role it will play.
EBF Members will analyse these proposals carefully and will be making the appropriate representations as the proposals make their way through the EU legislative process
© EBF
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