Issue 24 | June 2013

Banking union - Single Supervisory Mechanism

The EP position on the two SSM regulations as negotiated with the Council was adopted with a large majority on 22 May. The final votes on the legislative resolutions were deferred. Speakers generally welcomed the package and found it balanced and timely. There was wide consensus that the SSM represented only the first pillar of the Banking Union and had to be urgently complemented at least by a robust Bank Recovery and Resolution Directive and a strong European Resolution Mechanism.

"With the creation of the single supervisory mechanism, we provide a common, impartial and European system for banking supervision. With this mechanism, it is no longer possible for a single Member State and its supervisor to act without a comprehensive approach and without coordination when a transnational bank is in difficulty. (..) A strong signal will be given to markets and to our international partners, and first and foremost to our citizens who want us to draw lessons from the crises that have affected and have weakened us."

Latest news »« TOP
Occupational Pension Funds (IORP): Next steps

On 23 May, Commissioner Barnier indicated his intention to come forward with a proposal for a Directive to improve the governance and transparency of occupational pension funds in the autumn of 2013. At this stage, and as long as more comprehensive data is needed and Solvency 2 is not in force, the proposal for a Directive will not cover the issue of the solvency of pension funds. In light of the differing situations in Member States regarding retirement products and pension funds, it is necessary to continue technical work on the issue of solvency.

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Digital Single Market: let’s make reality match our vision!

From rhetoric to reality. "Here is my vision: a genuine, empowering digital single market; acting as a multiplier of the single market as we know it". Speech by Commissionner Barnier at the conference The EU Digital Single Market.

  Read the Speech

Let’s make Europe a place of innovation

"Our policy on innovation is not limited to the issue of the patent. It is my ambition to go further than this". Speech by Commissioner Barnier at the European Inventor Awards ceremony in Amsterdam.

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Together for new growth – A film on the single market

20 years ago, the European single market was born. Borders disappeared, bonds between countries were strengthened. Today, in a world which is more complex and uncertain, the need for unity has become even stronger – in fact it is vital. More than ever, the single market remains our greatest asset in facing the crisis and the global challenges ahead .”Together for new growth“ is a documentary film about the single market and the importance of economic integration in Europe. Click on this link for the film as well as for interviews with Martin Shultz, Jonathan Faull and others.

  Watch the film

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.

  Read the Speechfr
The European System of Financial Supervision: assessing a major achievement

"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 19 July. I strongly encourage you to take part". Speech by Commissioner Barnier at the Public Hearing on Financial Supervision in the EU.

  Read the Speechfr
Visits and Missions »« TOP
Commissioner Barnier, Amsterdam: 23 May 2013

On 23 May, Commissioner Barnier went to Amsterdam to participate in the "Global Reporting Initiative" global conference bringing together nearly 1,600 participants from more than 50 countries. The conference was an opportunity for the Commissioner to explain the objectives of the Transparency Directive presented last April. The directive, which only applies to companies with more than 500 people, aims to increase transparency by its requirements to provide relevant and concrete environmental and social information.

  Read the Speech
Consultations »« TOP
  27.05.2013  -  16.08.2013ServicesInsurance cover for the provision of services in another Member State

  16.05.2013  -  03.07.2013BankingReforming the structure of the EU banking sector

  26.04.2013  -  19.07.2013Financial ServicesEuropean System of Financial Supervision

  16.04.2013  -  15.07.2013InsuranceConsultation on the Green Paper on the Insurance of Natural and Man-made Disasters

  25.03.2013  -  25.06.2013Financial ServicesConsultation on the Green paper on the long-term financing of the European economy

News from the Parliament »« TOP
Strasbourg plenary week (20-23 May 2013)
  • Plenary debate tax fraud and tax havens
  • Plenary debate Banking union - single supervisory mechanism
  • Debate: Council and Commission statements on draft WIPO Treaty on copyright exceptions for the visually impaired
  • Debate in ECON committee
  • Bank Infrastructure – McCarthy report

See also:
  Website: IMCO (Internal Market Committee)
  Website ECON (Economic and Monetary Affairs Committee)

Latest publications »Question of the Month »
Single Market News
Nº65 (2013 – I)

A new financial system for Europe – Financial reform at the service of growth

Do you think centralising supervision will help to restore confidence in banks and in the euro?


Results from the last month:
Do you believe that all EU citizens should have access to a bank account?
YES - 74.4%
NO - 25.6%

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