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31 July 2013

Finance Watch response to the consultation on the review of the European System of Financial Supervision

Responding to the Commission's consultation, Finance Watch says that in future it sees an increased role for ESAs in the fields of supervisory convergence, risk identification and consumer protection. To do this, the ESAs will need additional resources and better governance arrangements.

Finance Watch’s response to the consultation calls for, among other things:

  • more democratic accountability for ESAs, including European Parliament approval of key appointments,
  • more resources and budget autonomy for ESAs,
  • a review of ESA governance structures to address national biases,
  • a more central role for consumer interests,
  • longer consultation periods for technical consultations,
  • measures to reduce the over-representation of financial sector interests in stakeholder groups,
  • more funding and support for non-financial participants in stakeholder groups.

Link to full response

© Finance Watch

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