EBF welcomes proposals for Financial Supervisory architecture

27 May 2009

Welcoming the report, the Federation is, however, disappointed that the involvement of the industry does not appear to have been given much consideration in the new framework, at both the macro and micro levels.

The Federation welcomes the Commission’s Communication on the supervisory reform in Europe and the commitment to move forward swiftly in addressing the weaknesses of the current arrangements for macro and micro prudential supervision at EU level. It further endorses the EU’s ‘supervisory package’ as ‘a realistic starting point for a substantial reform’.

 

EBF Secretary General Guido Ravoet drew attention to the “necessity of a smooth and efficient functioning of the European Systemic Risk Council, despite a total of 62 participants in its meetings amongst which 34 are voting members.”

 

The Federation is, however, disappointed that the involvement of the industry does not appear to have been given much consideration in the new framework, at both the macro and micro levels.

 

The full press release is attached below.

 

© EBF