ECOFIN Council conclusions: follow-up to the G20 summit
18 November 2010
European finance ministers ended their two days of meetings in Brussels by repeatedly insisting that Ireland has yet to ask for an aid package from them.
After nearly a week of intense speculation over whether Ireland would be forced into a rescue, Wednesday’s declarations had lost all of the weightiness they might have had just 24 hours earlier
The Council gave the go-ahead to a reform of the EU framework for financial supervision, the aim of which is to eliminate deficiencies that were exposed during the recent crisis on global financial markets.
The reform involves the creation of a European Systemic Risk Board and three European authorities for the supervision of the banking, insurance and securities industries. The new bodies will be part of a European system of financial supervisors, including the supervisory authorities of the member states. The new system will be operational as from 1 January 2011.
The Council took stock of the outcome of the G20 summit in Seoul, as well as the October meeting of the European Council, including as regards economic governance.
Furthermore, it adopted conclusions regarding:
- pensions, approving a report on the sustainability of retirement pensions in view of ageing populations and following the economic and financial crisis;
- public finance statistics, including as regards progress on an action plan to tackle statistical deficiencies in Greece.
Full conclusions
© ECFIN
