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ECON Committee wants bigger transfer of powers for European supervisory agencies
All four EP rapporteurs questioned the Council compromise that emerged from December's Ecofin meeting. The safeguard clause protecting member states' fiscal powers, which the rapporteurs consider over-restrictive, was the major bone of contention.
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ECON Committee: stronger European economic governance and tougher rules for Stability Pact
Referring to Greece, the Committee said it should serve as a lesson when future enlargements to the eurozone are being planned. It also asked for particular attention to be paid to the quality of the statistics of the aspiring eurozone countries.
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European Liberal Leader calls for EP to investigate Greek debt crisis
Guy Verhofstadt has recommended that the relevant EP committees invite the ECB, Euro group, European Commission, Eurostat, the Greek authorities and representatives from the investment banks to give evidence at a public hearing to clarify the situation.
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ECON Committee: financial transaction tax needed to pay for damage caused by crisis
If a worldwide tax proves unachievable, the MEPs said, the EU could consider going it alone. ECON is urging the Commission and Council to look at how the tax could be used to help developing countries fund the fight against climate change and to finance development cooperation.
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AFME-EHYA response to UK Treasury discussion paper on non-bank lending
They believe that the most important measure policymakers could take to increase non-bank lending would be to remove current UCITS III restrictions on loan investment so that long-only investors, such as insurance companies, can invest in loans.
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González-Páramo: Future of European and international financial market regulation and supervision
The financial crisis has served as a rough reminder that, although financial integration improves access to financial markets and opportunities for risk diversification, it may also increase the scope for financial contagion across countries.
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Nicolas Véron: Financial Regulation: A new fortress Europe?
Véron concludes that financial regulation is not uniformly incompatible with international integration, and where it is, some external barriers may be an inevitable price to pay. But the corresponding trade-offs should be clearly acknowledged. Europe’s leaders have hard choices ahead to make.
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SEC approves short selling restrictions
These measures are intended to promote market stability and preserve investor confidence. "Short selling can potentially have both a beneficial and a harmful impact on the market," said SEC Chairman Schapiro.
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Japan FSA: proposal of corporate governance disclosure items
The Japanese FSA is proposing amendments relating to the disclosure of new items concerning corporate governance. These relate to corporate governance structure, directors’ and statutory auditors’ remuneration, and cross-shareholding.
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OECD: Australia - an example of good financial regulation
Australia has been one of the most successful OECD countries to weather the Global Financial Crisis. Mature regulatory settings and a strong fiscal position have worked in her favour; she was among the few OECD countries not to go into recession.
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