European Liberal group: deal establishing European financial supervision is a big step forward
03 September 2010
Council agreed with ALDE's key demand that the President of the European Central Bank be also the President of the new European Systemic Risk Board.
Sylvie Goulard, EP rapporteur on the establishment of the ESRB and macro-prudential oversight said that "we fought hard for the Systemic Risk Board to be chaired by the President of the European Central Bank - a European personality who will bring independence and moral authority to the position as well as a clear identification of responsibility to citizens."
"The decision-making bodies will include independent specialists, academics and SME representatives from a wide range of backgrounds that will also raise the profile of the institution."
"Although Council refused to accept the binding reference to direct ESA supervision over EU-wide entities (such as credit rating agencies and trade depositories), the rapporteurs insisted on a political declaration to be made by the four main political groups on the need for such a competence in order to ensure effective and equal oversight throughout the EU (see attached text)." The Commission also committed to making a similar declaration.
Ramon Tremosa (CiU, Catalunya, Spain), EP rapporteur on the specific tasks of the ECB with respect to monitoring financial stability had insisted that the ECB President also head the ESRB for reasons of efficiency, independence and consistency: "In our view, it is essential that the President of the Central Bank also preside over the Systemic Risk Board. It would have been inconceivable to have different individuals, subject to possible political pressures, and differing views on such an important task."
