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Council approves compromise with Parliament on financial supervision

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2010-09-08 09:35

The Council endorsed an agreement reached with the European Parliament on 2 September on key elements of a reform of the EU framework for supervision of the financial system.rnrnThe reform is aimed at establishing a new basis for supervision in Europe, eliminating deficiencies that were exposed during the financial crisis. It involves the creation both of a European Systemic Risk Board (ESRB), which will provide macro-prudential oversight of the financial system, and three supervisory authorities: a European Banking Authority (EBA); a European Insurance and Occupational Pensions Authority and a European Securities and Markets Authority.rnrnThe agreement with the Parliament, which focuses on draft regulations establishing the ESRB and the EBA, will enable all of these bodies to be operational as planned as from 1 January 2011.rnrnThe Parliament is expected to approve the texts in first reading during its plenary session starting on 20 September. The Council will formally approve them at a subsequent meeting without further discussion.

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