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29 September 2010

EFR: Erfolg neuer EU-Aufsichtsbehörden abhängig von Implementierung


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The different business models of banks and (re)insurers need to be taken into account. Several technical and operational challenges remain. The ESRB and the ESAs should, where appropriate, consult the financial services industry before decisions are taken.


The EFR welcomes the adoption of the EU supervisory package by the Council and the European Parliament. It expects the legislative measures to be a key driver for financial stability in Europe and further integration of the EU financial services market. It is an important step towards a truly single market for financial services, thereby illustrating the ability of the European Union to deliver on its international commitments.
The EFR has been actively involved in the debate on supervision for a number of years, consistently calling for more efficient and effective supervision of cross-border financial institutions. In this respect, EFR supports the strengthened European angle in micro-prudential supervision by way of pan-European rules. However, the uniform application of those rules will have to be ensured by the European Supervisory Authorities.
EFR also agrees with the establishment of the European Systemic Risk Board for the macroprudential oversight of the financial system and its power to issue warnings and recommendations.


© EFR - European Financial Services Round Table

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