The emphasis will be on continuing the implementation of measures to promote the integrity and transparency of the financial sector and to safeguard against system-wide threats and excessive risk-taking. The introduction of the new Crisis Management Framework and the strengthening of the capital and liquidity requirements would be considered as priorities, in addition to proposals that aim at increasing market transparency and consumer protection.

The Council will also monitor the functioning of the newly established European framework for macro- and micro-prudential supervision. The European Systemic Risk Board (ESRB) is responsible for the macro-prudential oversight of the financial system and will monitor and assess potential threats to financial stability. The European Supervisory Authorities (ESAs) for banking, insurance and securities will contribute to a more effective and consistent level of regulation and supervision of financial institutions.

In this context, it will be important to ensure a global level playing field for operators in the financial markets and services. The introduction of any new measure in financial markets and services should be well coordinated with other key players in the market, including within the G20 framework, to promote globally stable and competitive markets.

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