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Special committee on financial crisis first meeting: urgent need to be efficient and to prove that the committee is useful
Special Committee EPP Group Coordinator Othmar Karas MEP warns of slackening of European reform efforts following recently published economic forecasts, and argues that CRIS committee should be the guarantee that the political will is not wasted.
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FSA chairman says: 'no silver bullet' to address 'too-big-to-fail' challenge - appropriate capital requirements are not the only solution
Lord Turner stressed that the answer lies in a combination of different policies, in particular, higher capital standards, the need to reduce inter-connectedness in derivatives markets and the development of firms’ resolution and recovery plans.
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Commission autumn economic forecast looks for gradual recovery but an essential condition is to complete the repair of the banking sector
A gradual recovery is expected with GDP forecast to grow by ¾% in 2010 and around 1½% in 2011 but uncertainty remains high. If the banking sector does not repair its balance sheet, it may not be able to provide sufficient support to the recovery.
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Briefing McDonald: Responsible Borrowing and Lending
The Commission is still taking soundings on this issue as part of its work on driving recovery forward. The concern now is: what next after ECOFIN’s Roadmap on future retail policies?
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European Council to ECOFIN: Reach a conclusion by December 2009 on the new supervisory structure
European Council urged ECOFIN Council to reach complete agreement by December 2009 on a new supervisory structure in the EU and to make progress on the resolution of financial crises. An EU-wide framework for closer policy coordination needed.
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IFSL’s annual Financial Market Trends on Europe vs. US: As EU markets fell by more, the US gained in relative size.
It compares key financial markets in Europe with the US and reveals that in nearly half of activities the US share rose relative to Europe between 2007 and 2008 as US markets fell by less. In 6 markets, Europe’s share rose relative to the US.
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3L3 Work Programme 2010 is packed with the new European Supervision Authorities creation as they need to transform the existing committees
The work programme includes 3L3 crisis handling, responses to the Commission on the operation set-up and financing of the new supervisory authorities, and establishing a 3L3 cross-sector risk assessment framework.
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EU-US Summit agrees on ‘enhanced cooperation’ on reform and exit strategies
Leaders from the EU and the US agreed to undertake further financial regulatory reforms, create more resilient financial regulatory structures, and to plan for coordinated exit strategies ‘once recovery is ensured’.
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AIMA supports the registration of Hedge Fund Managers in the U.S. – with exemptions for recognised registration elsewhere
AIMA support comes as Representative Kanjorski’s Bill that will require hedge fund managers operating in the U.S. to register with, and be supervised by, the SEC won bi-partisan support from the House Financial Services Committee.
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US Senate to introduce draft bill on financial regulation
The financial Times reports that the bill may complicate the Obama’s administration’s own plan for dealing with future crisis and that may end the chances of a bipartisan law passing this year.
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