Extracts from the joint press conference by Joaquín Almunia and Charlie McCreevy, on financial stability and sovereign wealth funds
Joaquín Almunia, Member of the EC in charge of Economics and Monetary Affairs, and Charlie McCreevy, Member of the EC in charge of Internal Market and Services, gave a joint press conference on Sovereign Wealth Funds.
The European Commission has adopted communications on Sovereign Wealth Funds and on adapting European and global financial systems to better promote financial stability. These communications are the Commission contribution to EU leaders' discussions on these subjects at the Spring European Council on March 13-14. On sovereign wealth funds (SWFs), the Commission is proposing that EU leaders endorse a common EU approach to increasing the transparency, predictability and accountability of SWFs. This common approach will strengthen Europe’s voice in international discussions aiming to establish a code of conduct including standards in areas of transparency and governance. On financial stability, the Commission wants the European Council to confirm the principles which will guide the EU’s efforts to improve financial market transparency and reinforce prudential control and risk management, and to set out the broad lines of the action to be taken. SHOTLIST