Other news - September 2012
The Commission has presented proposals for a single European supervisory mechanism, a major step to a banking union. This new system, with the European Central Bank (ECB) at the core and involving national supervisors, will restore confidence in the supervision of all banks in the euro area. Commissioner Barnier said: "Banking supervision needs to become more effective in all European countries to make sure that single market rules are applied in a consistent manner. It will be the role of the ECB to make sure that banks in the euro area stick to sound financial practices. Our ultimate aim is to stop using taxpayers' money to bail out banks".
The 20th anniversary of the Single Market provides the framework for a range of activities taking place in all Member States and centred on the Single Market Week for New Growth from 15 to 20 October 2012. To prepare for Single Market Week, the Commission has today published a brochure entitled "20 Years of the European Single Market" and a short promotional video. All the details about the Single Market Week are available on a dedicated website where you can register for the launch event in Brussels on 15 October.
Following the recent manipulation of LIBOR, the Commission has today launched a consultation inviting stakeholders to comment on possible new rules for the production and use of indices serving as benchmarks in financial and other contracts.