Other news - October 2010
To achieve competitiveness and growth in Europe, each and every citizen and business is needed - The Single Market Act
The European Commission has adopted the “Single Market Act”, a plan to boost growth and restore confidence in the benefits of market integration in Europe. The Single Market Act sets out 50 proposals to be enforced by 2012 to make the single market work better and calls for action to make the lives of all market participants – companies, consumers and workers – easier.
The European patent, the re-launch of the single market and Poland's preparations for the EU Presidency were the topics discussed by Commissioner Barnier during his visit to Warsaw. "If the single market can be made to work better, we can find two percent of economic growth that we are currently missing" said Barnier at a joint press conference with Deputy Prime Minister Waldemar Pawlak.
Very few rules exist which determine which actions should be taken by authorities in the case of a banking crisis. The European Commission responds by setting out its plans for an EU framework for crisis management in the financial sector. These pave the way for legislation due by spring 2011 which will create a comprehensive crisis management framework for banks and investment firms.
Statement by Commissioner Michel Barnier on the conclusion of negotiations on the AIFM Directive (hedge funds and private equity) at the ECOFIN Council in Luxembourg, 19 October 2010.
The European Commission is today launching a consultation on e-procurement. Taking the form of a Green Paper, the consultation will seek the views of interested parties on how the EU can help Member States to speed up and facilitate the procurement process. At the same time, the Commission is offering access to its e-CERTIS database which provides an on-line storehouse of the documents which are most frequently requested in the 27 Member States.
The European Commission has launched today a broad consultation on the role of statutory audit as well the wider environment within which audits are conducted. In the wake of the financial crisis, we need to ask the question whether the role of auditors can be enhanced to mitigate any new financial risk in the future.
Statement by Commissioner Barnier on the appointment of the new Chairman of the International Accounting Standards Board (IASB)
The Commission welcomes the appointment of Hans Hoogervorst as future Chairman of the IASB.
The services of the European Commission have launched a public consultation to seek stakeholders' views on possible measures to be taken to ensure access to a basic payment account for every consumer in the EU.
At the height of the financial crisis in 2008, the newly empowered G20 was charged with driving the reform of the international financial sector. Progress is well underway in the European Union and in the US. This note outlines some of the main features of the US reform and reviews some important developments in other G20 countries.