Global financial markets require coordinated action by national and regional regulators and supervisors.
The Commission is working to develop a consistent policy for EU financial services market, in particular by:
The 2008 G20 Washington Summit confirmed that the most effective response to the global crisis was a common roadmap for financial regulatory reform, to ensure a level playing field.
Since then, the intensity of the international cooperation on financial regulation has been stepped up.
The first G20 summit in 2008 developed an extensive agenda for stabilising the world economy and the financial system, with the aim of preventing future crises, mainly by improving global regulation and supervision.
Later summits agreed on a G20 work programme with a set of concrete commitments on issues including:
Leaders also committed to bringing all financial institutions, instruments and markets under appropriate regulation and supervision. The agenda is being constantly updated and new elements are being added (e.g. resolution regimes, corporate governance).
Financial Stability Board (FSB)
The Financial Stability Board (previously the Financial Stability Forum) oversees implementation of many of the G20 commitments.
Main focus in 2010:
Other important issues:
The EU (European Commission, EU governments and national regulators) holds regular talks on financial regulation (and sometimes macroeconomic issues) with its key economic partners (currently the US, Japan, China, India, Russia and Brazil)
Goals of the talks:
These talks do not of course exclude the possibility of informal bilateral discussions with other countries.
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