Opening the second EU-China Roundtable on Financial Services and Regulation Commissioner McCreevy underlined that China needs a sound regulatory framework for Financial Services. Referring to the latest financial turmoil and the Commission investigation on the underlying causes, McCreevy also wants to investigate the Basel II arrangement. He noted that “we need to check the nuts and bolts of Basel II. Such as the securitization requirements.”
The roundtable brought together key players in regulatory and supervisory matters and aims at providing a valuable platform to discuss strategic financial issues of a regulatory nature between EU and Chinese regulators and industries.
McCreevy noted that the Chinese retail banking markets is becoming increasingly open to foreign players and welcomed the Chinese plan to implement Basel II. Also, Solvency II has already been attracting a lot of attention in China, he said.
He also stated the huge potential of the Chinese securities and capital markets and called to create a 'win-win' situation – “an open flow of business and capital benefiting progressively both sides”.
Speech McCreevy
© Graham Bishop
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