Other news - November 2011
Restoring confidence in financial statements: the European Commission aims at a higher quality, dynamic and open audit market
The 2008 financial crisis highlighted considerable shortcomings in the European audit system. The proposals adopted today by the European Commission address the current weaknesses in the EU audit market, by eliminating conflicts of interest, ensuring independence and robust supervision and by facilitating more diversity in what is an overly concentrated market, especially at the top-end.
Despite the adoption of European legislation on credit rating agencies in 2009 and 2010, recent developments in the context of the euro debt crisis have shown our existing regulatory framework is not good enough. Today the European Commission has put forward proposals to toughen that framework further and deal with outstanding weaknesses.
Statement by Commissioner Michel Barnier – Following the incorrect rating of France by Standard & Poor's
This incident is serious and it shows that in the current tense and volatile market situation, market players must exercise discipline and demonstrate a special sense of responsibility.
"The framework that we seek to create should ensure the production and continuous availability of high-quality audiovisual content at national and European level. Our goal is to create a true digital single market, which will benefit producers, viewers and TV channels alike." Speech by Commissioner Barnier before the Association of Commercial Television in Europe (ACT).
"Protecting copyright and reducing VAT rates are essential if the press is to be allowed to create new business models." Speech by Commissioner Barnier before the European Newspaper Publishers' Association (ENPA).
"On April 13, the Commission adopted the Single Market Act, which includes 12 levers aimed at laying the foundations for a new, greener, more sustainable and inclusive growth. One of these levers concerns the mobility of EU citizens." Speech by Commissioner Barnier at the Conference on the Professional Qualifications Directive.