Dutch financial sector position on EU supervision
24 July 2009
The Netherlands supports the strengthening of European financial supervision and agrees on continuing the discussion on burden sharing.
The Netherlands fully supports the strengthening of European financial supervision. When discussing draft European legislation to create the European Systemic Risk Board (ESRB) and the European Supervisory Authorities (ESAs), Member States should be able to consider to a sufficient degree the consequences for sector specific legislation, in order to create the right legislative environment and facilitate single market goals while drawing important lessons from the financial crisis.
NVB call on the Commission to take up the issue of burden sharing expeditiously and to take into account sector-specific differences. However, while recognizing the importance of finding a European agreement on this issue, they don’t see this as a precondition for implementing the proposed new supervisory framework. Therefore, we support the proposed timeframe of the Commission to have the new framework up and running in the course of 2010.
In the Draft letter NVB focus their comments on the implementation of the proposals for creating the ESAs, under the following headings:
- The powers of the European Supervisory Authorities (ESAs);
Binding mediation
Binding harmonised technical standards
- The accountability of the ESAs;
- The institutional setting of the ESAs;
- The budget of the ESAs and;
- The role of the ESA Steering Committee.
© NVB
