Financial services & capital markets
The Commission adopts nine Regulatory Technical Standards (RTSs) to implement the single rule book in banking
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.
“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.
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.
“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.
Commission adopts technical standards for the identification of material risk takers subject to the rules on remuneration in the Capital Requirement Directive (CRD IV)
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.
“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.
“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.
“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.
Statement by the CFTC and the European Commission on progress relating to the implementation of the 2013 Path Forward Statement
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.
Interview of Commissioner Barnier by Dimitrios Mitropoulos, Ta Nea
Directive on criminal sanctions for market abuse: Vice-President Reding and Commissioner Barnier welcome the vote by the European Parliament
“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.
Commissioner Barnier welcomes the European Parliament vote on a transition period of 6 month for the migration towards SEPA
"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.
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”.
Commissioner Barnier explains his new plan for banking regulation. Interview by S. Wettach, WirtschaftsWoche
New rules on markets in financial instruments (MiFID II): Statement by Commissioner Barnier following the agreement in trilogue
“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.
Deadline for SEPA migration: Commission introduces an additional transition period of six months (until 01.08.2014)
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.
Trilogue agreement on criminal sanctions for market abuse directive: an unwelcome Christmas present for white collar criminals
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.
“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.
“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.
Commissioner Barnier's first intervention on the single resolution mechanism during the ECOFIN meeting
“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.
Commissioner Barnier welcomes agreement between the European Parliament and Member States on Deposit Guarantee Schemes
“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.
Appointment of Danièle Nouy as first Chairperson of the Supervisory Board of the Single Supervisory Mechanism: statement by Commissioner Barnier
“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.
“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.
“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.
ECOFIN Council on the Single Resolution Mechanism package, the Bank Recovery and Resolution Directive and the Deposit guarantee schemes Directive
“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.
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.
“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.
“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.
“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.
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.
Commissioner Barnier welcomes trilogue agreement by Council and Parliament on the “Omnibus II” Directive
“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.
“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”.
"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.
"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.
“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.
Council gives final approval for the Single Supervisory Mechanism, the first pillar of the Banking Union
“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.
Commissioner Barnier on the Banking Union in the eurozone and Franco-German relationships. Interview by Ruth Berschens, Handelsblatt.
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.
“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.
Commission proposes new measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals
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.
“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).
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
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.
“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.
"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.
“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.
European Parliament confirms its willingness to make the mortgage credit sector subject to heightened consumer protection measures
“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.
“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.
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.
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.
"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.
“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
The European Commission and the US Commodity Futures Trading Commission reach a Common Path Forward on Derivatives
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.
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.
"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.
Bank Recovery and Resolution Directive: Statement of Commissioner Barnier following agreement in ECOFIN Council
“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.
Statement by Commissioner Michel Barnier following today’s agreement on European rules on market abuse
“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.
The European Commission has today proposed a new investment fund framework designed for investors who want to put money into companies and projects for the long term. These private European Long-Term Investment Funds (ELTIFs) would only invest in businesses that need money to be committed to them for long periods of time.
Over the past five years, the European Union and the U.S. have developed separate, new regulatory regimes for derivatives, aimed at protecting our financial systems, economies and taxpayers from a repeat of the 2008 crisis. The next challenge is to use those reforms as the foundation for a single, global framework. Article by Michel Barnier, Bloomberg.
“Today we have focused primarily on the financing of bank resolution. This is a very complex subject. With the help of the Irish Presidency, we have made considerable progress – but not enough to come to an agreement tonight”. Statement by Commissioner Barnier following the ECOFIN Council of 21/06/2013.
What is crowdfunding? And what is its potential for growth in Europe? To fully understand the opportunities and risks of this fast-growing field, the European Commission organized a workshop on the 3rd of June in Brussels. Watch the video produced by the Commission including interviews with Commissioner Barnier and crowdfunding users, platforms and networks.
As of 20 June, credit rating agencies (CRAs) will have to follow stricter rules which will make them more accountable for their actions. The new regulatory package, which reinforces the existing rules on credit rating agencies, consists of a Regulation and a Directive.
The European Insurance and Occupational Pensions Authority (EIOPA) has published a report assessing a possible package of measures to facilitate the provision of insurance products with long-term guarantees under the new Solvency II insurance regulatory regime. The Commission considers that the findings of the report can provide a basis for a political agreement on Omnibus II.
“New capital requirements, supervision and resolution will bring back financial stability. But this is not sufficient to restore what Europe needs most: innovation, competitive industries, modern infrastructures and green growth. To achieve this, we need long-term investment”. Speech by Commissioner Barnier at the Economic Ideas Forum, Helsinki.
Crowdfunding: which framework(s) should be set up at the European level in order to embrace its potential while minimising the risks?
“It is too early to know whether crowdfunding is going to revolutionise finance, and even if it is going to continue to exist in its current form. Only one thing is for sure: if this encouraging phenomenon keeps its promises, Europe cannot afford to miss out”. Speech by Commissionner Barnier at the workshop on crowdfunding.
"One year ahead of the end of the term, it is the time to outline a first assessment of our joint action to face the financial crisis. This is also the time to define the priorities for the rest of the year ... ". Speech by Commissioner Barnier at the European Parliament's Committee on Economic and Monetary Affairs.
What is the European Commission doing to fight against organised crime and corruption in the single market?
"Tax evasion, money laundering, corruption, counterfeiting, piracy, all threaten the integrity of the single market and the confidence of our citizens". Speech by Commissioner Barnier at the European Parliament's special commission on Organised Crime, Corruption and Money Laundering.
“The overall assessment of the authorities and the ESRB (European Systemic Risk Board), possible changes to their goals, and the link with Banking Union… The public consultation on these issues will be open until July 19. I strongly encourage you to take part”. Speech by Commissioner Barnier at the Public Hearing on Financial Supervision in the EU.
“I intend to present a proposal to improve the governance and transparency of occupational pension funds in the autumn. (...) This proposal will not cover the issue of solvency rules for pension funds”. Statement by Commissioner Barnier.
“Today you are being asked to give your opinion on a legislative package that is of major importance for Europe”. Speech by Commissioner Barnier at the Plenary session of the European Parliament.
“This directive is a key text. Recent events have shown the urgent need to develop the tools necessary for a organised resolution of banks across the European Union”. Introductory remarks by Commissioner Barnier to the discussions on the proposal for a directive on bank resolution at the ECOFIN council.
The proposal for a directive presented today by the Commission will finally give all European citizens access to a basic bank account. By making it easier to compare fees and change bank accounts, we also hope to see better offers from banks and lower costs.
The consultation is open to all stakeholders and will run until 19 July 2013. The results will provide important information on the effectiveness and efficiency of the European Supervisory Authorities and the European System of Financial Supervision as a whole.
“The financial crisis started with the subprime debacle in the United States. (...) We have seen similar excesses in Europe, for example with the housing booms and the inevitable busts which followed in Spain and Ireland. (...) This Directive will help put an end to these excesses and foster responsible lending practices“.
How science can help towards the creation of a banking union that will bring stability and growth to Europe
"Understanding complex phenomena, detecting failures, evaluating different forms of regulation, assessing the impact on the real economy: these four essential elements of scientific analysis are particularly relevant in the context of the creation of a banking union." Speech by Commissioner Barnier at the second conference on the role of science in financial stability in Bruges.
European Parliament’s approval of new European rules to impose stronger prudential requirements on banks
“This vote is a milestone since it consolidates the strides forward that we have made in creating a stronger banking system. We are setting up a body of unique rules, a Single Rulebook for all the banks in the single market with rules that are directly applicable in Member States without any possibility of regulatory arbitrage”. Statements by President Barroso and Commissioner Barnier.
The European Commission today presented a strategy on adaptation to climate change. In a related measure, it also adopted a Green Paper on insurance in the context of natural and man-made disasters. This public consultation launches a wide debate on the adequacy and availability of existing insurance options.
The European Commission has today adopted a Green Paper that launches a three-month public consultation on how to foster the supply of long-term financing and how to improve and diversify the system of financial intermediation for long-term investment in Europe. The financial crisis has affected the ability of the financial sector in Europe to channel savings to long-term investment. Responses to the consultation will help the Commission determine what can be done to overcome the barriers to long-term financing.
Stronger prudential requirements on banks: Statement by Commissioner Barnier following the agreement on the new rules
“I welcome the final agreement reached last night on a package that sets stronger prudential requirements for banks, requiring them to keep sufficient capital reserves and liquidity (...). After the agreement on the Single Supervisory Mechanism two days ago, we are taking another fundamental step towards a genuine Banking Union, which will contribute to securing the stability of European banks and benefit our economies at large”. Statement by Commissioner Barnier.
Creation of the Single Supervisory Mechanism for banks within the eurozone: statement by Commissioner Barnier following the trilogue agreement
“I congratulate the European Parliament and the Council on reaching an agreement today on a crucial legislative package (...). This is a first fundamental step towards a real banking union which must restore confidence in the eurozone's banks and ensure the solidity and reliability of the banking sector”. Statement by Commissioner Barnier.
“These new EU initiatives will increase opportunities for innovative start-ups or social businesses to find capital”. Statement by Commissioner Barnier.
Revised rules on capital requirements for banks: Commissioner Barnier’s remarks during the press conference at the European Parliament
“It is my belief that we now have all the elements for an agreement on this text, which is essential for the financial stability of Europe (…) The new rules will force banks to hold more, and better capital. This will make them more able to weather economic shocks and crises.”.
"Economic forecasts released last Friday by the European Commission confirm a weak economic outlook in France and Europe. Even if some of the signs are encouraging, 2013 will remain a difficult year, with the EU showing only barely positive growth (+0.1%)."
“Interbank interest rate benchmarks are systemic benchmarks which are important for the transmission of the euro area’s monetary policy. (...) Any failures may cause losses for investors, distort the real economy and undermine market confidence. (...) The Commission is aiming to present its proposal on benchmarks in the second quarter of 2013 and I expect that proposal to include the power to impose mandatory submissions for systemic benchmarks such as Euribor.” Statement by Commissioner Barnier.
Derivatives: Statement by Commissioner Barnier on the technical standards to implement the new rules
“I take note of the fact that the European Parliament has decided not to object to our proposed technical standards to implement our new rules on derivatives. (...) This means that the standards can now enter into force around mid-March”. Statement by Commissioner Barnier.
“Building a banking union, protecting consumers of financial services and creating a global level playing field: these are the three key actions that will give Europe a stronger financial sector.” Speech by Commissioner Barnier at the 11th annual Financial Services Conference.
European Parliament’s vote on new rules to regulate credit rating agencies (CRAs): Statement by Commissioner Barnier
Commissioner Barnier has welcomed the agreement on new rules on credit rating agencies (CRAs) reached today by the European Parliament. “This agreement will considerably improve the quality of ratings. Credit rating agencies will have to be more transparent when rating sovereign states and will have to follow stricter rules which will make them more accountable for mistakes in case of negligence or intent”, said the Commissioner.
"I thank the European Parliament for their quick work and excellent cooperation in the area of the new legislative initiatives aimed at better managing and regulating credit rating agencies". Speech by Commissioner Barnier.
Basel Committee’s agreement on the revised liquidity standards for banks: Statement by Commissioner Barnier
Commissioner Barnier has welcomed the unanimous agreement on the revised liquidity standards for banks reached yesterday by the Basel Committee on Banking Supervision. “I now call upon the Parliament and the Council to successfully conclude the CRD IV trilogue negotiations in the coming weeks”, said the Commissioner.
“It is the responsibility of political leaders to convince people that being European is not simply an option but a necessity”. Interview with Michel Barnier, by C. Barbier, L’Express.
Commission adopts implementing rules for the Directive on Alternative Investment Fund Managers (AIFMD)
The Directive on Alternative Investment Fund Managers is one of the measures taken by the European Union in its commitment to fight financial crisis. It aims to create a general and efficient regulatory and monitoring framework for alternative investment fund managers in Europe.
Commission adopts technical standards for the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR)
Internal Market and Services Commissioner Michel Barnier said: “The adoption of these technical standards is the final step in achieving the mandatory clearing and reporting of OTC derivatives and in meeting our G20 commitments. This will improve transparency in the trading of derivatives”.
The European banking union, a precondition to financial stability and a historical step forward for European integration
“Member States have agreed to hand over the key supervisory tasks over their banks to the European Central Bank. This is the first step towards the Banking Union. The ECB will be in a position to detect risks to the viability of banks. And require banks to take the necessary actions. (...) This Single Supervisory Mechanism (SSM) will be a great asset for financial stability in Europe”. Speech by Commissioner Barnier at the EU–US Transatlantic Corporate Governance Dialogue, National Bank of Belgium
“24 hours after reaching an historical agreement on the European patent, which is a key component for our competitiveness, the Council has found a common approach on a fundamental element of financial stability in Europe”. Statement by Commissioner Barnier.
In the recent LIBOR scandal, serious concerns have been raised about the manipulation of benchmarks, which can result in significant losses to consumers and investors, or distort the real economy. European justice ministers meeting in the Council of the European Union have today reached agreement on the Commission’s proposals for a Directive on insider dealing and market manipulation that will criminalise such behaviour.
“Commissioner Barnier says there will be no exceptions for savings or cooperative banks. In the future, all banks in the Eurozone will be subject to supervision by the European Central Bank, in order to preserve the credibility of the system”. Article by Tobias Kaiser and Holger Zschäpitz, Die Welt.
“I welcome the important agreement reached today on additional rules for credit rating agencies (CRAs) which aim to reduce the over-reliance on ratings, eradicate conflicts of interest, and establish a civil liability regime. (...) The EU has already adopted rules on CRAs. Today’s rules build further on the work that we have already done”.
On Monday 19 November the European Commission hosted a high level one-day conference on the progress underway to ensure the safety and stability of the EU financial sector, to reinforce the Single Market, and to help promote economic growth. Commissioner Barnier opened the event.
"The solution to our problems is not less Europe, but more Europe. In particular, it is a more modern single market, better adapted to the new economic, technological and social conditions of our time." Speech by Commissioner Barnier during his visit to the Netherlands in the framework of the Single Market Week.
Final report by the European Banking Authority (EBA) on the recapitalisation of European banks: statement by Commissioner Barnier
"This final report by EBA on the bank recapitalisation exercise provides important details on the state of the European banking sector". Statement by Commissioner Barnier.