Say NO to manipulating financial markets

Michel Barnier

"Thank you for your mobilization! We need your support to reach our goal: no financial player, no financial product and no financial market should escape effective regulation and supervision". Michel Barnier on the Avaaz petition on banking reform.


Thank you for your mobilization!

We are all suffering the effects of the ongoing financial crisis. It began in the banking sector and has spread to public finances. It has led to necessary austerity programmes and impacted hard on the real economy.

Financial reform has a key role to play in stabilising the financial sector, removing the inadequacies and abuses which existed, and preventing or mitigating future crises.

Since I took office, the EU has put forward the biggest ever programme for financial services reforms. Around thirty measures have been proposed or adopted, including almost all the key ones agreed at the G20. My goal is that all new legislation should be in force by 2013.This can be achieved.

We have set up three new pan-European supervisory authorities for banks, insurance and financial markets. We have introduced rules for previously unregulated players, such as hedge funds and credit rating agencies. We have improved financial markets' effectiveness, integrity and transparency with new rules on short-selling, credit default swaps and derivatives. And we are laying the foundations of a banking union, with common rules for EU banks (including capital requirement), the protection of deposits up to EUR 100,000 in each Member State and EU rules for bank recovery and resolution to make sure that supervisory authorities have all the tools they need to deal with bank failures, without using taxpayer money.

Tomorrow, we will propose, with my colleague Viviane Reding, amended proposals on insider dealing and market manipulation to include specific provisions prohibiting the manipulation of benchmarks and to make such manipulation a criminal offence. I am convinced that, with the support of the European Parliament, and thanks to the rapporteur Arlene McCarthy; we will be able to adopt quickly this proposal.

Thank you for your mobilization! We need your support to reach our goal: no financial player, no financial product and no financial market should escape effective regulation and supervision. We are well on the way to achieving just that.

Michel Barnier
Member of the European Commission

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