ESBG opposes Establishment of Single European Supervisory Authority

30 August 2002

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In a press release the European Savings Banks Group, ESBG, strongly opposed the idea of a single European supervisory authority.

“Given that European financial markets (…) remain regionally or nationally based, the principle of subsidiarity should continue to be respected in the utmost”, ESBG stated. “Financial regulation should continue to be developed and adopted at European level. In order to address current regulatory challenges, the Lamfalussy procedure should be extended to other financial services sectors. In order to ensure high quality and coherent regulation, close and formal industry involvement at all levels of the Lamfalussy procedure is essential for the extension to the banking sector.”

ESBG Press release

© European Savings Banks Group