Speech McCreevy: Regulation and Consolidation in the Financial Industry

01 April 2005

In his speech at the Institute of International Finance in Madrid, Commissioner McCreevy sketched out the financial services agenda for the coming years. He pointed out that a strong and dynamic financial sector is key to be able to confront the massive increase in global competition from China, India and many others. The next phase will focus on consolidation to ensure that the European rules will be effectively transposed into national law.

To complete unfinished business the Commission will go on working and completing the open issues on Capital Requirements, Reinsurance, Solvency II, and the Legal Framework for Payments, corporate governance, company law, accounting and auditing.

“We also need to ensure that the European supervisory system keeps up with the integrating European markets” the Commissioner said. “The Commission believes for the time being we need to take an evolutionary approach … (to) improve cooperation between national supervisors and reduce supervisory overlap and duplication.

Full speech

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