To enhance the effectiveness of supervision of the financial sector in Europe more convergence and harmonisation in the implementation of rules and a strengthening of supervision of cross border groups is required, a draft paper states.
ECOFIN Council is to decide on the issue of financial stability and financial supervision. To enhance the effectiveness of supervision of the financial sector in Europe more convergence and harmonisation in the implementation of rules and a strengthening of supervision of cross border groups is required, a draft paper states.
However, co-ordinated responses should take place within the scope of Member States' respective responsibilities, coupled with Member States' flexibility to adjust their response to their individual situation, the document reads.
On Friday, French President Sarkozy called upon finance ministers to develop a coherent overall strategy with regard to economic policy, which would facilitate a response to the current situation, and which should include the means of reinforcing the European system of supervision.
Document attached below
Announcement Sarkozy
© Graham Bishop
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