The newsletter includes an interview with David Wright on the causes of the financial crisis. “As far as we know, our banks and financial institutions purchased at least one trillion Dollars worth of US sub-prime assets and probably a lot more.
The newsletter includes an interview with David Wright, Deputy Director General of DG Internal Market and Services, on the causes of the financial crisis and the Commission's response.
“As far as we know, our banks and financial institutions purchased at least one trillion Dollars worth of US sub-prime assets and probably a lot more”, Mr Wright said looking at the causes of the crisis. “There are a lot of firms who made some very bad decisions. The supervisors and regulators, whether they were in the US, or anywhere else, didn’t pick these risks, and act appropriately”, he said.
Looking at the de Larosière report Mr Wright said that the Commission received ‘a very strong signal from the European Council’ that they support the basic principles of the report. “They have indicated they want to take first decisions in June”, Mr Wright said.
Other topics include the EU standards for investment products, the EU framework for managers Alternative Investment Funds, and an article on the remuneration policy.
The newsletter also looks in detail at three new proposals from the Commission – on Alternative Investment Fund Managers; on Remuneration; and on Packaged Retail Investment Products.
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Single Market News No 54.pdf
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