Barnier welcomes the outcome of the trialogue to beef up oversight on financial institutions in Europe
03 September 2010
The final agreement has not yet been reached as the Member States and the European Parliament must confirm this consensus. MEPs are expected to vote on the final text during the plenary session in September.
Commissioner Barnier said that “thanks to the progress made today, financial supervision is moving to a different level: it has taken on a European dimension. Financial companies and markets operate mostly at the European level, and we will now have 4 solid authorities to monitor macroeconomic financial risks and to supervise financial markets, banks, and insurance companies. These authorities will be able to benefit from the on-the-ground expertise of national regulators and supervisors and propose any necessary measures at a European level. The 4 new authorities will be operational on 1st January 2011. It was essential to find a consensus to meet the deadlines and the ambitious commitments to reform the financial sector made in the G20 context. “
© European Commission
