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The financial and economic crisis - a chronological overview - June 2010

The economic crisis has prompted intense and sustained action by the EU's national governments, the European Central Bank and the Commission. All have been working closely together to support growth and employment, ensure financial stability, and put in place a better governance system for the future.

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30 June 2010
Commission Communication on enhancing economic policy coordination for growth and jobs

Following the Commission Communication of 12 May on reinforcing economic policy coordination, this Communication develops the proposals for greater economic policy co-ordination and surveillance, sets out effective enforcement mechanisms, and proposes a European semester for policy co-ordination. Based on these proposals, the Commission will make the necessary formal follow-up by end-September.
>> Economic and Financial Affairs. Commission publishes Communication on enhancing economic policy coordination for growth and jobs

16 June 2010
Public finance report

The report highlights the need for fiscal consolidation and strengthened surveillance follwoing the events of spring 2010, which exposed the urgent need to address the fiscal challenge in the euro area and the EU. The report presents recent budgetary developments, examines developments in fiscal surveillance and draws lessons for debt reduction strategies. It also investigates the link between macro-financial and budgetary risks.
>> Economic and Financial Affairs. 2010 Report on Public Finances in EMU: debt crisis highlights need for fiscal consolidation and stronger surveillance

14 June 2010
Commission consultations on derivatives and short selling

The two consultations intend to advance swiftly reforms for a safe and stable EU financial system. One consultation focuses on possible measures to enhance the resilience of derivatives markets. The other consults on options for a future proposal that would deal with potential risks arising from short selling and Credit Default Swaps.
>> Internal Market and Services. Commissioner Barnier. Derivatives and short selling: public consultations are now open

2 June 2010
Commission proposals for improved EU supervision of Credit Rating Agencies (CRAs)

As part of its work to prevent a future financial crisis and to strengthen the financial system, the European Commission put forward amendments to the EU rules on Credit Rating Agencies (CRAs) and launched a public consultation on reforming corporate governance in financial institutions.

On CRAs, the Commission's two main objectives are to ensure efficient and centralised supervision at European level and to increase transparency on the entities requesting the ratings so that all agencies have access to the same information. These changes would improve supervision as well as investor protection and would also increase competition in the CRA market.

Public consultation...

On corporate governance, the Commission launched a public consultation on a number of issues including how to manage risk more effectively in financial institutions and how to empower shareholders. The deadline for responses is 1 September 2010.

... and further reforms

As to further reforms for a safe and stable EU financial system, the Commission adopted a more general Communication commiting itself to table the remaining financial reform proposals in the next six to nine months.

Following the European Council of 16-17 June, the Commission intends to present these proposals together with its proposals of 26 May on bank resolution funds at the Toronto G20 summit of 26-27 June 2010.

Implementation reports on remuneration policies

To complement this package of proposals, the Commission also published two reports on how Member States have implemented two 2009 Commission Recommendations on remuneration policies in the financial services sector and for directors of listed companies. In both cases, progress has been made but a significant number of Member States have yet to implement the Recommendations fully.

>> Internal Market and Services. Communication COM(2010) 301 final. Regulating financial services for sustainable growth
>> Internal Market and Services. Commissioner Barnier. Commission outlines further measures for a safe and stable financial system in Europe

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