He stressed the need to have greater and better capital within the banking system. The Basel Committee and CRD III directive are moving in this direction, closely followed by CRD IV. The responsibility of financial institutions should also be tackled.
Internal market commissioner Barnier made the following points:
· The Commission will follow the G20 roadmap on financial services
· EC’s project is ambitious, but not revolutionary; most important of all, it is a realistic project requiring strong political will.
· There is a need to have greater capital and better quality in the banking system. The Basel committee and CRDII directive are moving in this direction, closely followed by CRD IV. The responsibility of financial institutions should be tackled by promoting better corporate governance. Better risk management should be implemented.
· The Commission’s objective is threefold: to strengthen the supervision of systemic risks;
improve investor protection and create an internal market for AIFM.
To conclude, he said that 2010 will be a turning point, a moment of truth for implementing commitments. Europe must not lose credibility in the international process and its responses to the crisis should not be questioned. Moreover, Europe has to work with its international partners, within the G20 and the Financial Stability Council. His ambition is that Europe provides a real answer to this crisis.
© European Commission
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