Tag: EU financial regulation

European Union diplomats and the European Parliament agreed yesterday (9 February) to overhaul regulation of the multi-trillion euro derivatives market, a move that will make it easier to control one of the most opaque areas of finance.

An array of new European financial supervisory bodies designed to monitor and avert future economic crises on the continent have opened their doors for business.

EU harmonisation does not make sense for every aspect of financial regulation, argues Mojmír Hampl, vice-governor of the Czech National Bank and a member of the EU's Economic and Financial Committee (EFC).

The EU needs a strong financial supervision system with binding powers and the most appropriate solution would be a 'twin peaks' model – with one authority to supervise the banking and insurance sectors and another for securities and consumer protection, writes French Socialist MEP Pervenche Berés in a July blog post for the Hellenic Foundation for European & Foreign Policy (ELIAMEP).

Due to its strict supervision mechanisms, Spain's financial system is ''much more solid'' than many others and there are absolutely no plans to ask the EU for help, Rafael Dezcallar de Mazarredo, Spanish ambassador to Berlin, told EurActiv Germany in a recent interview.

A number of decisions taken on Monday (10 May) by the European Parliament's economics committee to strengthen the EU's financial supervision powers will likely rile Britain's newly-appointed Conservative-led coalition government, argue onlookers.

The European Commission is considering the establishment of a European emergency fund paid for by the financial sector to rescue failing banks and fend off future crises, EU Internal Market Commissioner Michel Barnier said on Friday (19 March).