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We must rethink regulatory and supervision rules for financial markets, including banks, mortgage lenders, hedge funds and private equity, Commission President Barroso said in a pre-European Council press conference. There must be no more business as usual, he warned and announced a proposal for a revised directive on deposit guarantees to be issued tomorrow.
Both, the proposals on the regulation of rating agencies and on deposit guarantees are planned to be adopted in fast-track. Also, the Commission will also bring forward proposals on executive remuneration. On Wednesday, the Accounting Regulatory Committee will also approve the Commission proposal for modifying accounting rules, Barroso said.
Barroso also called to remove the mismatch between European financial markets on the one hand, and purely national supervision on the other. The high level group, chaired by Jacques de Laroisière, will come forward with more far-reaching proposals early next year, Barroso said.
An urgent priority now must be to further deepen coordination at international level, and specifically with the
We see light at the end of the tunnel, Barroso said. But we are not yet there.