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Financial services & capital markets

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The European Commission today adopted the review reports on the European System of Financial Supervision (ESFS)

08/08/2014

"This review is aimed at further enhancing the ability of the ESAs to improve the functioning of the single market for financial services and thus identifies scope for action in the short and medium term", said Commissioner Barnier

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Michel Barnier
Vice-President Michel Barnier welcomes major milestone for the internal payments market with the migration to SEPA (Single Euro Payments Area)

01/08/2014

Today, a big part of the Single Euro Payments Area has become reality. In all euro countries citizens have now available a common and simple way to pay at home and across borders.

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SEPA: Single Euro Payments Area
Single Euro Payments Area (SEPA) becomes fully operational in all Eurozone countries as per tomorrow 1 August 2014

31/07/2014

The Single Euro Payments Area (SEPA) creates a true European Single Market for retail payments in euro where transfers, direct debits and payments between Member States are as easy and fast as the equivalent domestic transactions. It will become fully operational in all eurozone countries on 1st August 2014.

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Another step in the finalisation of the Banking Union’s architecture: publication of Single Resolution Mechanism (SRM) Regulation

30/07/2014

Today, the Regulation establishing a Single Resolution Mechanism (SRM) for the Banking Union has been published in the Official Journal of the EU, only one year after the European Commission presented its proposal. The Single Resolution Mechanism will allow for the timely and effective resolution of cross border and domestic banks, over a weekend if necessary. The Regulation will enter into force on 19 August.

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Michel Barnier
The right to a basic bank account for all European citizens: Commission welcomes Council adoption

23/07/2014

The Directive will foster the creation of a real single market for retail financial services bringing numerous benefits to EU citizens by providing them with a right to a basic payment account irrespective of their place of residence or financial situation.

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Michel Barnier
Langfristige Finanzierung für Infrastrukturvorhaben [Long-term investment for infrastructure] – Article

22/07/2014

“We need new instruments that are better suited for long-term financing and especially for infrastructure projects”. Vice-President Barnier explains what the EU has done in this respect. Article by Michel Barnier, Börsen-Zeitung.

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Michel Barnier
Financial crime and cyber security handbook – Foreword

16/07/2014

“Strengthening sanctioning regimes against market abuse is one of the key elements of the EU’s financial sector reform”. Foreword by Commissioners Viviane Reding and Michel Barnier

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Michel Barnier
Vice-President Barnier welcomes Court of Auditors’ special report: “European banking supervision taking shape – EBA and its changing context”

02/07/2014

“I believe the European Banking Authority’s role in the overall supervisory architecture is crucial. (...) While the establishment of the Banking Union (...) will affect the functioning of the EBA, it does not call into question its existence.” Statement by Vice-President Barnier.

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Michel Barnier
Public debt, a key factor in European financial regulation

27/06/2014

“The fight against all levels of excessive debt – by governments, households, businesses or the financial sector – was a major focus of this Commission’s mandate”. Speech by Commissioner Barnier at the IMF’s 14th Forum on managing public debt.

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Statement by Commissioner Barnier on Global Derivatives Regulation

27/06/2014

“Global derivatives markets need worldwide standards and national rules that work together seamlessly. (...) I intend to propose shortly that the European Commission adopt ‘equivalence’ decisions that will allow central counterparty clearing houses (CCPs) from five countries outside the EU – Japan, Singapore, Australia, Hong Kong and India – to clear EU derivatives trades”. Statement by Commissioner Barnier.

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New rules to strengthen regulation and transparency of remuneration in banks and investment firms in the EU

26/06/2014

Today, new EU rules to strengthen regulation and transparency of remuneration in banks and investment firms in the European Union have entered into force. The new rules relate to the identification of categories of staff whose professional activities have a material impact on an institution's risk profile (so-called ‘material risk takers’).

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Large company offices buildings
Social entrepreneurship: new standard to measure social impact

20/06/2014

A new standard to allow social enterprises of all sizes to better measure and demonstrate their social impact and so help them in their discussions with partners, investors, and public sector funders has been published by the European Commission.

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Public consultation on the contributions of credit institutions to resolution financing arrangements

20/06/2014

The European Commission launched today a consultation on the contributions of credit institutions to resolution financing arrangements under the Bank Recovery and Resolution Directive and the Single Resolution Mechanism. Input is requested on key elements related to the calculation of contributions of individual credit institutions to the resolution funds.

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Anti-Money Laundering: Commissioner Barnier welcomes progress in Council

18/06/2014

“The agreement in Council today represents an important step towards the adoption of stronger rules to combat money laundering and terrorist financing”. Statement by Commissioner Barnier.

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Michel Barnier
The EU and US: leading partners in financial reform

13/06/2014

"The EU and the US agree on the overall objectives of sound and resilient banks and financial markets. But we have and will keep different regulatory procedures and frameworks. We need to do more to make these regulatory systems work together". Speech by Commissioner Barnier at the Peterson Institute for International Economics, Washington.

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Another step in the implementation of the bank reform: publication of two key pieces of the Single Rulebook for banks

12/06/2014

Today, the Directive on the Recovery and Resolution of Credit Institutions and Investment Firms (BRRD) and the recast Directive on Deposit Guarantee Schemes (DGS) have been published in the EU Official Journal. The BRRD provides a complete framework for the crisis management of banks, while the DGS Directive strengthens the protection of citizens’ deposits in case of bank failures.

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Framework for the markets in financial instruments published in the Official Journal

12/06/2014

Today, the Directive on markets in financial instruments (MiFID 2) repealing Directive 2004/39/EC and the Regulation on markets in financial instruments (MiFIR) were published in the EU Official Journal. Member States have two years to transpose the new rules which will be applicable starting January 2017. The new framework aims to make financial markets more efficient, resilient and transparent.

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Framework on Market Abuse published in the Official Journal

12/06/2014

Today, Regulation No 596/2014 on market abuse and Directive 2014/57/EU on criminal sanctions for market abuse, were published in the EU Official Journal. The new framework on market abuse updates and strengthens the existing framework to ensure market integrity and investor protection.

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Financial regulation: the pace of reform set in motion in 2010 must be maintained

10/06/2014

“We have seen an unprecedented sequence of financial, economic, fiscal and social crises, which has highlighted clearly the limits of a having a primarily national response. (...) So we needed to work together, at European level, and this is what we have been doing since 2010, with a lot of energy and, I believe, positive results”. Speech by Commissioner Barnier at his hearing before the Finance Committee of the French Senate.

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Michel Barnier
Commissioner Barnier welcomes the Signature of the intergovernmental Agreement (IGA) on the Single Resolution Fund

21/05/2014

Today, 26 Member States have signed the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund (SRF). This is an important signal of the commitment of all parties, including those which do not yet participate in the single currency, to make the banking union a success.

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State of the (Banking) Union

20/05/2014

"Europe's financial markets are too interlinked to be dealt with nationally. (…) So we need common rules and regulatory convergence, we need the EU. (…) The Banking Union is probably our biggest project since the euro itself." Speech by Commissioner Barnier at the Frankfurt Finance Summit.

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State of the (Banking) Union

20/05/2014

"Europe's financial markets are too interlinked to be dealt with nationally. (…) So we need common rules and regulatory convergence, we need the EU. (…) The Banking Union is probably our biggest project since the euro itself." Speech by Commissioner Barnier at the Frankfurt Finance Summit.

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Two hands protecting a piggy bank
European Commission presents a first comprehensive review of the financial regulation agenda

15/05/2014

With most financial reform measures now adopted, the European Commission has today published a first comprehensive review of the financial regulation agenda as a whole. "This review demonstrates that we have delivered what we set out to do: the financial regulation agenda is making the financial system more stable and responsible, working for the benefit of the economy and citizens across the EU", said Commissioner Barnier.

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Credit card on keyboard
Commission adopts report on feasibility of a network of smaller credit rating agencies

05/05/2014

The Commission adopted today a report addressed to the European Parliament and the Council on the feasibility of a network of smaller credit rating agencies in the EU.

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The European Banking Authority (EBA) publishes key components of the common methodology for the 2014 EU-wide stress test

29/04/2014

The EBA has delivered a robust stress test methodology and a tough adverse scenario. The purpose of the exercise is to identify any remaining vulnerabilities in the EU banking sector in order to make it more resilient and to provide a high level of transparency on EU banks’ exposures.

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Michel Barnier
Banking union, key to stabilising the European financial sector and reinforcing its integration

28/04/2014

"Banking union is probably our biggest joint project since the euro itself and an asset of the first order to overcome the fragmentation of financial markets". Speech by Commissioner Barnier at the joint ECB - European Commission conference on "Financial integration and stability in a new financial architecture."

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EU-Japan
Implementing Technical Standards with regard to supervisory reporting of institutions

16/04/2014

The European Commission has adopted (16/04) an implementing technical standard (ITS) which harmonises the content and format of data to be reported by 8'000 European banks to their supervisors in order to comply with the Capital Requirements Regulation (575/2013) and Capital Requirements Directive (2013/36)  .

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European Parliament adopts the updated rules for Markets in Financial Instruments (MiFID II)

15/04/2014

"These new rules will improve the way capital markets function to the benefit of the real economy. They are a key step towards establishing a safer, more open and more responsible financial system". Statement by Commissioner Barnier

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Greater protection for retail investors: Commission welcomes European Parliament adoption of strengthened European rules on UCITS

15/04/2014

"With this vote, we have taken another important step towards making financial products safer and re-establishing investor confidence, a pre-requisite for investment and economic growth in Europe". Statement by Commissioner Barnier.

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The right investment to suit your needs: basic information leaflet will help retail investors make the right choice

15/04/2014

"European consumers need a clear and understandable explanation on how they invest their savings. […] The broad coverage of the Key Information Document aims to ensure that […] the consumer can compare different investment proposals". Statement by Commissioner Barnier.

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European Parliament adopts the Directive on payment accounts

15/04/2014

"With these new rules we intend to make a real difference in the lives of millions of EU citizens. Improving the transparency and comparability of fees in the payment accounts [...] will enable consumers to benefit from better offers and lower costs for their payment accounts. Universal access to basic payment accounts will encourage more people to profit from the new opportunities which derive from them". Statement by Commissioner Barnier

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European Parliament back Commission’s proposals on completing the banking union

15/04/2014

“The EU has delivered. Thanks to the assiduous work of the co-legislators, we have gone from a skeleton Banking Union to the final framework in less than two years”. Statement by Commissioner Barnier after the vote of the European Parliament on Commission’s proposals for completing the banking union (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive).

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Finalising the Banking Union: European Parliament backs Commission’s proposals (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive)

15/04/2014

"The EU has lived up to its commitments. Thanks to the assiduous work of the co-legislators, we have turned the idea of a Banking Union into reality in less than two years".

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Michel Barnier
Safer and more efficient securities settlement: Commission welcomes European Parliament vote

15/04/2014

"The new Regulation will ensure that settlement is carried out in a safer and more efficient manner in Europe"

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Informal ECOFIN Council: speech by Commissioner Barnier

01/04/2014

“The economy is restarting, we have constructed a regulatory architecture to draw lessons from the crisis and protect taxpayers [...] We must now accelerate recovery, and for that you need fuel, it is necessary that businesses and consumers find credit to finance their projects”. Introductory remarks by Commissioner Barnier at the press conference on the informal ECOFIN meeting in Athens.

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Michel Barnier
European Parliament and Council back Commission’s proposal on a Key Information Document covering retail investments

01/04/2014

"European consumers need a clear and understandable explanation on how they invest their savings. […] The broad coverage of the Key Information Document aims to ensure that […] the consumer can compare different investment proposals". Statement by Commissioner Barnier.

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European Parliament and Council back Commission’s proposal on a Key Information Document covering retail investments

01/04/2014

"European consumers need a clear and understandable explanation on how they invest their savings. […] The broad coverage of the Key Information Document aims to ensure that […] the consumer can compare different investment proposals". Statement by Commissioner Barnier.

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Michel Barnier
Turning a corner in financial services

01/04/2014

“Over the last four years, you have heard a lot about new rules, new structures. [...] We are nearing the end of the rule-making phase and entering a period of implementing and enforcing those rules”. Speech by Commissioner Barnier at the EUROFI High Level Seminar 2014.

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EU-Japan
EU-Japan High Level Meeting on Financial Issues

28/03/2014

The annual EU-Japan High Level Meeting on Financial Issues was held in Brussels today. This year’s meeting provided an important opportunity for senior officials from both sides to exchange views on the recent regulatory developments in the financial sector.

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Commission roadmap to meet the long-term financing needs of the European economy

27/03/2014

The European Commission has today adopted a package of measures to channel funds to the real economy, in particular to long-term investment. The package includes a communication on the long-term financing of the economy, a legislative proposal for new rules for occupational pension funds and a communication on crowdfunding.

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Michel Barnier
Future of pensions: a major challenge for social cohesion and economic dynamism in Europe

26/03/2014

“Many Europeans who worked hard all their life end up with too low pension benefits to ensure a decent quality of life. If nothing is done, we all know that this situation is likely to deteriorate, particularly as a result of demographic changes. [...] Pension schemes [...] all over Europe, will have to adapt in order to meet these challenges”. Speech by Commissioner Barnier at the European Commission conference on pensions.

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European Parliament and Council back Commission’s proposal for a Single Resolution Mechanism: a major step towards completing the banking union

20/03/2014

“Today’s compromise allows us to complete the architecture of the banking union for the eurozone. (...) Together with the reforms to the financial sector for all 28 countries, the completed banking union will put an end to the era of massive bailouts. It will further contribute to the return to financial stability thus creating the right conditions for the financial sector to once again lend to the real economy which is essential to consolidate the economic recovery and to create jobs”. Statement by President Barroso and Commissioner Barnier.

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Michel Barnier
European Parliament and Council back Commission proposal on right of citizens to a basic bank account

20/03/2014

“In today’s world, not having access to a basic bank account makes it difficult and more expensive to participate in everyday life – paying the electricity bill or receiving a salary for example. Today’s agreement brings us a step closer to finally giving all European citizens access to a basic bank account, enabling them to participate fully in society and take advantage of the benefits of the Single Market”. Statement by Commissioners Barnier and Mimica.

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Michel Barnier
Reaching an agreement on the Single Resolution Mechanism is our top priority

18/03/2014

Structured dialogue at the Economic and Monetary Affairs Committee of the European Parliament: introductory remarks by Commissioner Barnier.

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The Commission adopts nine Regulatory Technical Standards (RTSs) to implement the single rule book in banking

13/03/2014

The European Commission has adopted a package of Regulatory Technical Standards (RTS) needed to implement important provisions of the Capital Requirements Regulation and Directive (CRR/CRD). The nine RTS adopted today define the ways in which competent authorities and market participants must handle disclosures linked to securitisation instruments, measure potential losses from derivative positions and counterparty failure, as well as specifying the types of instruments that can be used for paying bonuses.

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Statement by Commissioner Barnier following ECOFIN meeting on Single Resolution Mechanism

11/03/2014

“Today, we made progress on a number of elements (...) However, on the issue of ‘who pushes the button’, the Council decided not to change the balance of roles between the Council and Commission”. Statement by Commissioner Barnier following the Economic and Financial Affairs Council of 11.03.2014.

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Michel Barnier
Commissioner Barnier welcomes European Parliament adoption of the “Omnibus II” Directive

11/03/2014

The European Parliament adopted in plenary today the “Omnibus II” Directive that completes the “Solvency II” Directive and finalises the new framework for insurance regulation and supervision in the EU. "This long-awaited and vital reform is on the brink of becoming reality" said Commissioner Barnier.

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Statements by Commissioner Barnier on the Single Resolution Mechanism

11/03/2014

“Banking union depends on having its second pillar, the single resolution mechanism, in place”. Statement by Commissioner Barnier following the meeting of 10 March between ministers of finance and European Parliament representatives and introductory remarks at the ECOFIN Council of 11 March.

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Commission adopts technical standards for the identification of material risk takers subject to the rules on remuneration in the Capital Requirement Directive (CRD IV)

04/03/2014

The European Commission has today adopted Regulatory Technical Standards on criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile. These standards supplement the requirements of the Capital Requirements Directive (CRD IV) and will ensure that the CRD rules on remuneration are applied consistently across the EU.

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European Parliament and Council back Commission proposal for strengthened European rules on UCITS

25/02/2014

“This agreement (...) will ensure that the abuses seen at the time of the Madoff scandal cannot be repeated. We must always remember that the UCITS framework is widely viewed as a gold standard for fund regulation globally, and it is important to maintain this”. Statement by Commissioner Barnier.

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Michel Barnier
From responding to the crisis to defining new ambition for European Commission

20/02/2014

“Although the worst of the financial and economic crisis is behind us, we still have a social and political crisis. The time has come to set out a new vision for Europe, to deepen the integration of the euro area, relaunch the co-ownership of the single market, invest jointly in our future, and give Europe the means to really count on the world stage.”. Speech by Commissioner Barnier at the 12th annual Financial Services Conference.

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Michel Barnier
ECOFIN Council: discussions on the Single Resolution Mechanism

18/02/2014

“We can (...) certainly improve the decision-making processes that are too complex and too heavy under the current compromise”. Intervention by Commissioner Barnier at the ECOFIN (Economic and Financial Affairs) Council.

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Statement by the CFTC and the European Commission on progress relating to the implementation of the 2013 Path Forward Statement

12/02/2014

Mark Wetjen, acting Chairman of the United States Commodity Futures Trading Commission (CFTC) and European Commissioner Michel Barnier announced today that the CFTC and the European Commission have made significant progress towards harmonising a regulatory framework for CFTC-regulated swap execution facilities (SEFs) and EU-regulated multilateral trading facilities (MTFs), as contemplated under the Path Forward statement issued in July 2013. "This is an important further step in implementing a joined up, consistent global approach to ensure that financial markets work for the benefit of the real economy", said Commissioner Barnier.

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Michel Barnier
Ετοιμη να φύγει μπροστά είναι η Ελλάδα [Greece is moving back up] – Interview

08/02/2014

Interview of Commissioner Barnier by Dimitrios Mitropoulos, Ta Nea

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Directive on criminal sanctions for market abuse: Vice-President Reding and Commissioner Barnier welcome the vote by the European Parliament

04/02/2014

“Today the European Union is sending a clear signal: there must be zero tolerance for manipulators in our financial markets”. Statement by Vice-President Reding and Commissioner Barnier.

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SEPA logo
Commissioner Barnier welcomes the European Parliament vote on a transition period of 6 month for the migration towards SEPA

04/02/2014

"This transition period ensures that the smooth processing of payments for consumers and businesses will not be disturbed. The migration to SEPA credit transfers and SEPA direct debits is an important milestone in the completion of a European integrated payments market". Statement by Commissioner Barnier.

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Facade of a building on which the word “Bank” is written in large letters
Structural reform of the EU banking sector

29/01/2014

The European Commission has proposed new rules to stop the biggest and most complex banks from engaging in the risky activity of proprietary trading. The new rules would also give supervisors the power to require those banks to separate certain potentially risky trading activities from their deposit-taking business. The Commission has also adopted accompanying measures aimed at increasing transparency of certain transactions in the shadow banking sector. “Today’s proposals are the final cogs in the wheel to complete the regulatory overhaul of the European banking system” said Commissioner Barnier. “The proposed measures will further strengthen financial stability and ensure taxpayers don’t end up paying for the mistakes of banks”.

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Michel Barnier
Eigenhandel einschränken [Restricting proprietary trading] – Interview

27/01/2014

Commissioner Barnier explains his new plan for banking regulation. Interview by S. Wettach, WirtschaftsWoche

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Michel Barnier
New rules on markets in financial instruments (MiFID II): Statement by Commissioner Barnier following the agreement in trilogue

14/01/2014

“I welcome the agreement reached today by the European Parliament and the Council on updated rules for markets in financial instruments (MiFID II). These new rules will improve the way capital markets function to the benefit of the real economy.”. Statement by Commissioner Barnier.

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SEPA: Single Euro Payments Area
Deadline for SEPA migration: Commission introduces an additional transition period of six months (until 01.08.2014)

09/01/2014

The Commission has adopted a proposal to give an extra transition period of six months during which payments which differ from the SEPA format can still be accepted so as to ensure minimal disruption for consumers and businesses. The proposal does not change the formal deadline for migration 1 February 2014.

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Man in suit and tie wearing handcuffs
Trilogue agreement on criminal sanctions for market abuse directive: an unwelcome Christmas present for white collar criminals

20/12/2013

The European Commission has welcomed today’s political agreement by the European Parliament and the Council on the Commission’s proposal for a Directive on criminal sanctions for market abuse. Statement by Vice President Reding and Commissioner Barnier.

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Michel Barnier
Central Securities Depositaries: Commissioner Barnier welcomes provisional agreement in trilogue

19/12/2013

“I welcome the provisional agreement reached this morning between the European Parliament and the EU Member States on new rules on securities settlement and central securities depositaries (CSDs) in the EU”. Statement by Commissioner Barnier.

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Michel Barnier
Banking union: Council agrees general approach on Single Resolution Mechanism

19/12/2013

“Today is a momentous day for banking union. A memorable day for Europe’s financial sector. (...) Taxpayers will no longer foot the bill when banks make mistakes. We are ending the era of massive bail-outs”. Commissioner Barnier’s remarks at the ECOFIN Council press conference.

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Commissioner Barnier's first intervention on the single resolution mechanism during the ECOFIN meeting

18/12/2013

“The proposals of the Presidency form a very good basis for further work and should give us the elements we need to reach an agreement today (...) We have some concerns regarding the credibility of the system. It will be the result of a negotiation but it must remain effective and understandable”. Speech by Commissioner Barnier at the ECOFIN Council.

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Commissioner Barnier welcomes agreement between the European Parliament and Member States on Deposit Guarantee Schemes

17/12/2013

“Just a few days after the agreement on bank recovery and resolution, we are taking another important step towards completing the single rulebook on crisis management for credit institutions in the EU”. Statement by Commissioner Barnier.

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Danièle Nouy
Appointment of Danièle Nouy as first Chairperson of the Supervisory Board of the Single Supervisory Mechanism: statement by Commissioner Barnier

16/12/2013

“As Chair of the Supervisory Board of the SSM, Danièle Nouy will play a central role in the banking union. She is an excellent choice for the tough job ahead”. Statement by Commissioner Barnier.

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Michel Barnier
Financing of the real economy: essential for a return to growth in Europe

13/12/2013

“Funding of the economy is one of the key elements in returning Europe to higher levels of growth, and is necessary to respond to the problems that many SMEs face in getting their businesses off the ground”. Speech by Commissioner Barnier at the fourth annual Entretiens du Trésor in Paris.

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Two hands protecting a piggy bank
Commissioner Barnier welcomes trilogue agreement on the framework for bank recovery and resolution

12/12/2013

“I welcome the trilogue agreement reached tonight between the European Parliament and EU Member States on the Bank Recovery and Resolution Directive. This is a fundamental step towards the completion of the Banking Union”. Statement by Commissioner Barnier.

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Michel Barnier
ECOFIN Council on the Single Resolution Mechanism package, the Bank Recovery and Resolution Directive and the Deposit guarantee schemes Directive

11/12/2013

“We have a mandate in order to be able to go forward in the key trilogues on the Bank Recovery and Resolution Directive and the Deposit guarantee schemes Directive. I hope that with this mandate, and thanks to the excellent work of the rapporteurs, we can come to a final compromise in the next few days”. Comments by Commissioner Barnier following the ECOFIN Council meeting.

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Commissioner Barnier welcomes the European Parliament’s adoption of new rules on mortgages

10/12/2013

The European Parliament confirmed today its willingness to make the mortgage credit sector subject to heightened consumer protection measures at EU level by approving the new rules on mortgage credit lending.

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Michel Barnier
Long-term financing, a requirement for a return to sustainable growth in Europe

04/12/2013

“I want to tell investors that it is time to look further forward, and to cease anxiously focusing on immediate events and instead invest in our future”. Speech by Commissioner Barnier at the Conference of the Caisse des dépôts et consignations (CDC) at the Committee of the Regions.

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Three generations of a family: a little girl at the front surrounded by her grandparents seated in a sofa behind which her parents are standing
The evolving environment for insurance and pensions: state of play

20/11/2013

“Last week, the European Parliament and the Council finally reached agreement on the ‘Omnibus II’ Directive. (...) After more than 10 years of work, a world-leading regulatory framework will soon be in place”. Speech by Commissioner Barnier at the EIOPA Annual conference.

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Michel Barnier
ECOFIN Council – Remarks by Commissioner Barnier

15/11/2013

“Today, we have made real progress on the second pillar of banking union, the Single Resolution Mechanism. (...) Reaching an agreement in 5 weeks is only possible if all Member States make compromises”. Remarks by Commissioner Barnier following the ECOFIN Council.

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Four cog-wheels in the form of one euro coins form a gear
Bank resolution: Majority of States support key elements – Interview

15/11/2013

Finance ministers will talk today on the Single Resolution Mechanism (SRM) at their Council meeting. “A compromise can be reached before the end of the year”, Commissioner Michel Barnier said in an interview with Europolitics. Barnier added that a vast majority of States had backed him on the key elements of his proposal. Interview by Manon Malhère, Europolitics.

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Michel Barnier
Commissioner Barnier welcomes trilogue agreement by Council and Parliament on the “Omnibus II” Directive

14/11/2013

“This agreement is a very important step towards the introduction of a modern and risk-based solvency regime for the insurance industry in Europe as of 1 January 2016, making it both safer and more competitive. In practice it makes the implementation of Solvency II possible”. Statement by Commissioner Barnier.

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Michel Barnier
Restoring confidence in the EU

07/11/2013

“We sometimes get so caught up in addressing what is wrong with Europe that we forget to underline what we do well”. Speech by Commissioner Barnier at the European Policy Centre Annual Conference “Debate on the State of the Union”.

 

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Banks
Three priorities for sustainable European banks in the real economy

30/10/2013

"Banks need to regain their ability to fully engage with their customers, by focusing again on the heart of their business: financing the real economy and taking on the risks inherent in this task." Speech by Commissioner Barnier at the European Savings and Retail Banking Group Conference.

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Retail payments: a lever for inclusive and innovative growth in Europe
Retail payments: a lever for inclusive and innovative growth in Europe

21/10/2013

"Retail payments are not simply a technical issue. Instead, they form an important lever for our response to the crisis." Speech by Commissioner Barnier at the joint conference ECB – Banque de France.

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Michel Barnier
UK banks and the EU single market: What now?

17/10/2013

“We have no interest in undermining the UK. No interest in threatening London’s place as the largest European financial centre. We want to strengthen and integrate the single market, not weaken it”. Speech by Commissioner Barnier, BBA Annual International Banking Conference.

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Council gives final approval for the Single Supervisory Mechanism, the first pillar of the Banking Union

15/10/2013

“This is a momentous step: the start of a new era for the supervision of Eurozone banks (...) But better supervision is not enough. A banking union also requires action to restructure non-viable banks when necessary. That is why the supervisory system needs to be complemented by an integrated European resolution system”. Statement by President Barroso and Commissioner Barnier.

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Michel Barnier
The Handelsblatt interviews Commissioner Barnier

09/10/2013

Commissioner Barnier on the Banking Union in the eurozone and Franco-German relationships. Interview by Ruth Berschens, Handelsblatt.

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Diagram showing how individuals are financing a person and get positive output in return
Crowdfunding in the EU: exploring the added value of potential EU action

03/10/2013

Crowdfunding has the potential to bridge the financing gap many start-ups face and to stimulate entrepreneurship. The European Commission has today launched a consultation inviting stakeholders to share their views about crowdfunding: its potential benefits, risks, and the design of an optimal policy framework to untap the potential of this new form of financing.

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Michel Barnier
Statement by Commissioner Michel Barnier on the application date of Solvency II

02/10/2013

“The Commission today at my request put forward a draft Directive postponing the application date of the Solvency II Directive to 1 January 2016 (...) I have always wanted rapid implementation of Solvency II. But the currently planned date is simply no longer tenable. We have therefore proposed this postponement in order to avoid any legal uncertainty”. Statement by Commissioner Barnier.

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Commission proposes new measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals

18/09/2013

The Commission has today proposed draft legislation to help restore confidence in the integrity of benchmarks. A benchmark is an index (statistical measure), calculated from a representative set of underlying data, that is used as a reference price for a financial instrument or financial contract or to measure the performance of an investment fund.

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Michel Barnier
If Europe wants, Europe can

16/09/2013

“At the beginning of my term, we set ambitious targets to address the lessons learnt from the financial crisis. Three and a half years later, we are on track. (...) However, there is still some way to go”. Speech by Commissioner Barnier at the Committee on Economic and Monetary Affairs of the European Parliament (ECON Structured Dialogue).

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Five years after the collapse of Lehmans: what the EU has done to learn the lessons from the crisis, and what still needs to be done

14/09/2013

On 15 September 2008, Lehman Brothers filed for bankruptcy, bringing down the house of straw on which our financial system had been built. Five years on, we’re still not out of the woods. But we have done a lot to create the conditions in which Europe can grow once more. Commissioner Barnier explains what the EU has accomplished since 2008 to put the European financial sector back on its feet.

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The G20 must remain committed to global implementation of financial reforms

13/09/2013

“There is no room for complacency: all G20 jurisdictions, including the EU, must remain committed to the timely, full and consistent implementation of agreed policies. Only then will we create a stable and integrated global financial system. Only then will we be able to prevent future crises”. Speech by Commissioner Barnier at the Eurofi Financial Forum, Vilnius.

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Europe
A safer financial sector for the citizens

12/09/2013

"Germany's future lies in Europe. Not in a weaker Europe, but in a stronger European economic, monetary and political union. A union that will help us avoid a repeat of past crises – through better regulated financial markets". Speech by Commissioner Barnier for the opening of academic year, Centre for financial studies, Goethe University, Frankfurt.

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Michel Barnier
European Parliament vote confirms the creation of the Single Supervisory Mechanism for the eurozone

12/09/2013

“I am extremely pleased that the European Parliament voted today to set up the Single Supervisory Mechanism, the first leg of the Banking Union”. Statement by President Barroso and Commissioner Barnier following the European Parliament’s vote.

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European Parliament confirms its willingness to make the mortgage credit sector subject to heightened consumer protection measures

10/09/2013

“I welcome this important step towards strengthening consumer protection in the financial services area and towards completion of the Single Market. I hope that the European Parliament and the Council will now finalise the text as soon as possible so that the new rules will benefit consumers without delay”. Statement by Commissioner Barnier.

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Michel Barnier
The European Parliament endorses the political agreement on new European rules for market abuse

10/09/2013

“I welcome the political agreement with Council on the Market Abuse Regulation that European Parliament has endorsed today, which will establish tougher rules to better prevent, detect and punish market abuse”. Statement by Commissioner Barnier.

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Commission’s roadmap for tackling the risks inherent in shadow banking

04/09/2013

The Commission has today adopted a communication on shadow banking and proposed new rules for money market funds (MMFs). “We have regulated banks and markets comprehensively. We now need to address the risks posed by the shadow banking system” said Commissioner Barnier.

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The Commission adopts new rules on Payment Services for the benefit of consumers and retailers

24/07/2013

In order to adapt EU payments market to the opportunities of the single market and to support the growth of the EU economy, the European Commission adopted today a package including a new payment Services Directive (“PSD2”) and a proposal for regulation of interchange fees for card-based payment transactions. “Today, the payment market in the EU is fragmented and expensive (...) These are costs our economy cannot afford. Our proposal will promote the digital single market by making internet payments cheaper and safer, both for retailers and consumers” Commissioner Barnier said.

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EU-USA flags
Time for a new Transatlantic Partnership

16/07/2013

"The TTIP (Transatlantic Free Trade Area) is a starting point. It is an opportunity to prove that we are able to trust each other. To make mutual concessions for economic growth and jobs. And to define global standards." Speech by Commissioner Barnier at the Transatlantic Partnership Network in Washington.

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Agreement on swaps (derivatives): Europe and the US share the same commitment and the same goals

15/07/2013

“We still face difficult discussions on banking, investment firms and in other areas. Our agreement on swaps proves that we can trust each other. We have passed that test case. Now we must demonstrate joint leadership and raise the bar in tomorrow’s world of financial regulation”. Speech by Commissionner Barnier at the Brookings Institute in Washington

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The European Commission and the US Commodity Futures Trading Commission reach a Common Path Forward on Derivatives

11/07/2013

Commissioner Barnier and United States CFTC (Commodity Futures Trading Commission) Chairman Gary Gensler today announced a Path Forward regarding their joint understandings on a package of measures for how to approach cross-border derivatives. “Our discussions have been long and sometimes difficult, but they have always been close, continuous and collaborative talks between partners and friends” said Commissioner Barnier.

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Single Resolution Mechanism for the Banking Union: Proposal by the Commission

10/07/2013

The European Commission has today made a proposal for a Single Resolution Mechanism for the Banking Union. “We need a system which allows banks to be resolved quickly, efficiently, avoiding doubts on the impact on public finances and with rules that create certainty in the market. That is the point of today’s proposal for a Single Resolution Mechanism” Commissionner Barnier said.

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Michel Barnier
Banking union - and beyond

08/07/2013

"Banking union marks the starting point of a new ambition for Europe, one that consists of finally building the economic equivalent of monetary union." Speech by Commissioner Barnier at the Palazzo Farnese in Rome.

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Bank Recovery and Resolution Directive: Statement of Commissioner Barnier following agreement in ECOFIN Council

27/06/2013

“I am very pleased that finance ministers of the Member States have managed a few minutes ago to reach broad political agreement on the future rules for how to restructure and resolve failing banks”. Statement by Commissioner Barnier.

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Michel Barnier
Statement by Commissioner Michel Barnier following today’s agreement on European rules on market abuse

26/06/2013

“I welcome today’s endorsement by Coreper of the political agreement between the Council and the European Parliament on tougher rules to better prevent, detect and punish market abuse”. Statement by Commissioner Barnier.

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