Extracts from the common press conference by José Manuel Barroso, Michel Barnier, and Olli Rehn on Reforming for sustainable growth
At a press conference on 02/06/2010 in Brussels, José Manuel Barroso, President of the EC, accompanied by Michel Barnier, Member of the EC in charge of Internal Market and Services, and Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, presented a European Commission's proposal, to improve the European Union's supervision of credit rating agencies (CRAs), and launched a debate on corporate governance in financial institutions, in order to prevent a future financial crisis, and to strengthen the financial system in Europe.
On CRAs, the Commission had two main objectives: ensuring efficient and centralised supervision at European level, and increased transparency on the entities requesting the ratings, so that all agencies had access to the same information.
These changes improved supervision, increase competition in the CRA market, and improve investor protection.
On corporate governance, the Commission had launched a public consultation on a number of issues, including how to manage risk more effectively in financial institutions, and how to empower shareholders. The deadline for responses was 1 September 2010. SHOTLISTLINKLINK