| |
Joint Barroso and Van Rompuy statement on G20: The EU is on the right track for the G20 Summit in Seoul on financial sector reforms
The G20 has responded with determination to keep the pace for making the financial sector more resilient to crises and risk. The EU and its partners agreed to make the financial sector participate in the costs of repair, resolution and prevention and recognized the bank levy as a useful instrument. View Article
|
ECON committee on the debt crisis: long-term stability strategies and more European Parliament involvement needed
MEPs say that to solve the root problem and to prevent future crises, individual EU Member States need to improve their fiscal and structural policies and the EU as a whole needs an "economic governance framework". View Article
|
ECON committee: Eurostat should have more powers
The legislative resolution looks at ways to strengthen the Eurostat and to improve EU budget statistics. It calls for a harmonised system for statistical data and implies possible sanctions on Member States that falsify their statistics. View Article
|
Belgian Presidency working programme: Focus on the creation of a new supervisory structure at EU level
The Belgian Presidency will pay attention to the coherence and cumulative effect of these various reforms. Crisis prevention and resolution tools will also be on the agenda and must be improved, in particular those intended to deal with systematically-failing institutions and cross-border problems View Article
|
EU economic governance: the Commission proposes a reinforced macro-economic, budgetary and structural surveillance
The EC presented a set of tools to strengthen the economic governance of the EU. They will include enhanced surveillance based on a "European semester" and will also address macroeconomic imbalances among member states. View Article
|
ECB’s Gertrude Tumpel-Gugerell: Towards a safer financial system
Speaking at the at the US Financial Services Roundtable, she stressed that it is important to adopt and implement the regulatory requirements for the mandatory central clearing of all eligible products and the reporting of trades to trade repositories in a timely manner. View Article
|
G20 Summit Declaration paves way to further delay reforms
G20 members agreed on a reform agenda including financial infrastructures, capital standards and resolution systems. However, member states also noted that the standards would be “phased in over a time frame that is consistent with sustained recovery and limits market disruption.” View Article
|
European Liberal Leader regrets the G20´s incapacity to define global economic governance compromises
Guy Verhofstadt declared that the European Union can be pleased that its ambitious objectives to reduce the public deficits have been an example, but the G20´s incapacity to define global economic governance compromises the simultaneous plea to support growth and employment. View Article
|
IMF: G-20 leaders aim for balanced growth, revival of jobs
The IMF released in Toronto its assessment of scenarios for improving growth. IMF Strauss-Kahn noted that more robust growth is needed both to reduce unemployment and to lessen the burden of large public debts. View Article
|
BIS: Fiscal consolidation and financial sector reform are what's needed now
BIS notes in its 80th Annual Report, that the steps taken by governments and central banks prevented a financial system meltdown and helped bring to an end the great contraction in global economic activity. The policy tasks that lie ahead are also analysed in the Report. View Article
|
IMF sets out ideas to build on crisis response after G20 meeting: Governance reforms under way key to legitimacy
The G20 had agreed on the need for further reform of the financial sector. With the goal of addressing the still existing gaps in the “global financial safety net,” Strauss-Kahn stressed t that further reform of the IMF’s lending instruments could provide another step in this direction. View Article
|
FSB interim Report to G20 leaders: Good progress has been made
The report is satisfied with the progress reached on new global standards to strengthen bank capital and liquidity, and limit leverage. FSB chair Draghi also called for an effective resolution regime for the too-big-to-fail problem. View Article
|
CEA urged G-20 to recognise differences between insurers and banks
CEA argues that the business model and risk profile of insurers make them so distinct from banking sector that it is inappropriate to apply regulatory responses, mainly focused on the banking sector, to the financial services sector as a whole. View Article
|
Italian Consob: For euro, we need to construct the missing pillar, the political union
Cardia, president of Italian Consob (National Commission for the Corporations and Stock Exchange), noted that the trust of markets will be consolidated when Europe has a common fiscal policy and budget, based on sustainability and balance. View Article
|
NYT: Bank Fee is eliminated in financial bill
Conference negotiators voted to eliminate the proposed tax and adopted a new plan to pay the projected five-year, $20 billion cost of the legislation. View Article
|
FDIC: Supervisory Insights Journal - Summer 2010
The issue features articles including a discussion of key supervisory considerations related to loss-sharing agreements and suggestions for how examiners can assess bank compliance with amendments to Regulation Z affecting open-end credit plans. View Article
|
NYT: On Finance Bill, Lobbying Shifts to Regulations
Well before Congress reached agreement on the details of its financial overhaul legislation, industry lobbyists and consumer advocates started preparing for the next battle: influencing the creation of several hundred new rules and regulations. View Article
|
US Congress reached agreement on financial reform bill
A House-Senate conference committee approved proposals to restrict trading by banks for their own benefit and requiring banks and their parent companies to segregate much of their derivatives activities into a separately capitalized subsidiary. View Article
|
Washington Post: House passes financial overhaul - Senate leaders postpone vote
The House approved new financial regulations, but Senate leaders postponed a vote on the bill, preventing the landmark legislation until at least mid-July. View Article
|
