The Audiovisual Service of the European Commission has produced an infoclip, to illustrate the adoption by the European Commission on 23/09/2009, of a legislative package that will set up, for the first time, a truly European system of supervision for the financial sector.
It envisages the formation of a European Systemic Risk Board (ESRB), which is to monitor and assess risks to the stability of the financial system as a whole, and where necessary, to issue warnings and recommendations to deal with risks. The other key element of the package, is the creation of a European System of Financial Supervisors (ESFS), involving new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors, which will be responsible for co-ordinating and facilitating the work of national supervisors.
The package is a key element of the EU's response to the financial crisis, and its strategy, to prevent future crises. It will also put the EU in a strong position, to lead in shaping the global coordination being developed, under G20 auspices.
This infoclip includes:
- footage filmed recently in London, Frankfurt, Dublin, Ljubljana, New York and Bretton Woods;
- images of national central banks and others, financial services centres, stock exchanges and brokers;
- and footage of the the European Central Bank (ECB), Mount Washington Resort in Bretton Woods, and people in streets. SHOTLIST