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The Council approved conclusions on the reform of the EU's supervisory framework for financial services with a view to adopt first decisions on the June European Council to be held in
The Commission has been asked to present legislative proposals by early autumn 2009. The aim should be to have the new European Financial Supervision system, comprising both macro-prudential and micro-prudential components, fully in place in the course of 2010.
Ministers also assessed bank support schemes, particularly bank recapitalisation and state guarantees for bank debts. Ministers agreed that the sector remains very fragile and the Member States should be ready to adopt further measures if necessary, including steps to rid banks of impaired assets.
ECOFIN ministers also exchanged views on the need for changes in accounting standards in
Regarding fair value measurement and impairment Sir Tweedie said that the IASB approach directly addresses the specific nature of EU concerns and reduces complexity by reducing the number of categories of financial assets. “if we adopt the FASB FSP, this neither creates a level playing field, nor will it mean an end to the level playing field issue”, he underlined. “Our impairment rules are very different. On many issues EU financial institutions would not want us to adopt the
The Ministers also welcomed the Commission communication from April on structured retail investment products. They called upon the Commission to continue its activities with the aim to ensure an appropriate regulatory environment for the sale of these products,
The Ministers discussed the current economic developments. The Commission outlined a timetable for further steps to be taken in relation to the implementation of the Stability and Growth Pact.
Council conclusions on strengthening EU financial supervision
Council conclusions on Packaged Retail Investment Products