Commission President Barroso also presented the following key messages on the financial services reform:
· The Commission is committed to making all outstanding proposals on financial services by spring next year
· A key challenge will be getting the right rules in place for dealing with systemically relevant institutions – those which are ‘too big to fail'. The Commission will set out a crisis management and resolution framework next October.
· Many measures – including on credit rating agencies, protection of depositors, and improved bank capital - are already in place. Others, like rules on hedge funds and private equity, are awaiting final approval.
· By the start of next year Europe will have in place a European Systemic Risk Board and a European system of supervision that brings together national supervisors with three new European Supervisory Authorities.
· The EU is a driving force behind international reform efforts through the G20. The EU has pressed for internationally consistent solutions, designed and calibrated in dialogue with our partners. And it will insist that they too deliver on the promises made. Barroso will make this point at the G20 Summit in Seoul next November.
· The sovereign debt crisis earlier this year exposed gaps and weaknesses in macroeconomic surveillance, in particular in the Stability and Growth Pact,that cannot continue. The time has come to complete monetary union with economic union. Alongside regulatory reform, Europe needs an overhaul of our economic governance tools.
© European Commission
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