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Talking about supervisory convergence, McCreevy noted that “there is broad consensus that not only the rules and standards should converge, but also supervisory practices – in Europe and globally. A real European – and ultimately global - supervisory culture should develop, with mutual trust and confidence.”
Concluding his remarks the Commissioner said that “adapting the financial regulatory framework to the new economic environment is a common challenge for regulators, in China, in Europe and elsewhere.” “The discussions I have had in Beijing and here in Shanghai have given me the confidence that authorities in both the EU and China are up to this challenge”, he continued.
Financial Capital Markets Integration in Europe
Financial Markets and Globalisation