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Seven banks fail EU stress tests

Seven out of 91 European banks failed a long-awaited stress test, regulators announced on Friday night, a result that risks undermining the credibility of an exercise designed to restore the market’s confidence in the eurozone banking sector.

Commission should make ECB reference authority for macro-prudential supervision

art noveau door bxlOn Wednesday 27 May [2009], the European Commission is to present the principles of the structure for the new financial supervision in Europe.

de Larosière Group Recommendations: Misleading Incentives and the Super-Supervisor Scrum-Down

On the 27th May 2009 in what will possibly be the final act of this Commission (and arguably the most important), CION (the insiders short-hand for the European Commission) will bring forward its proposals for banking supervision and regulation reform to ECOFIN (the European Finance Ministers) and then to the European Council  (Heads of State and Government) in June. It’s political with a big ‘P’ now.


CEBS statement on EU stress testing exercise

CEBS logoThe Committee of European Banking Supervisors (CEBS) today publishes its statement on stress testing exercise


European Parliament - High Level Conference "Towards a New Supervisory Architecture in Europe"

Charlie McCREEVY European Commissioner for Internal Market and Services Keynote Speech

QUOTATION (CONCLUSION): Let me be clear: it was the joint impact of both macro and micro factors that resulted in the market excesses and the emergence of unprecedented systemic risks that we have experienced in recent times. There is, therefore, a fundamental need to strengthen both the micro- and macro-prudential pillars. And we should do this in a way that achieves valuable synergies and has a mutually reinforcing impact on overall financial stability.

European Parliament Decisions on the Budget of the European Committees of Regulators and Accounting Standards Setters

European committees of regulators. The creation of European financial support will give the three committees of national regulators (CESR, CEBS, CEIOPS) "greater independence", said Karsten Friedrich Hoppenstedt (EPP-ED, Germany).

Improving supervision in the EU financial services sector: The 3L3 Commitees express their suport for the Commission's position

The 3L3 Committees, CESR, CEBS and CEIOPS, published today their joint response to the European Commission’s consultation on improving the supervision of EU financial markets. The joint response also includes in an annex, the three Committees’ sectoral views on the proposals made by the high-level group (“the Group”) on the structure of financial supervision in the EU, chaired by Jacques de Larosière, which were endorsed by the Commission’s Communication of 4 March 2009.

CEBS publishes its report mapping supervisory objectives and powers across EU Member States

Am I alone in thinking that there is something not quite in the real world about these ongoing announcements from CEBS?

(there is no point in reading this if you don't know what CEBS is!)

Anyway, here we have CEBS yet again setting out or "mapping" (how I hate that word, when it doesn't refer mountains or lochs); objectives & powers, processes & targets for itself ....

The de Larosière Group Recommendations

The advice to EU president Barrosso from the De Larosiere Group. This report is published as the world faces a very serious economic and financial crisis. The European Union is suffering. An economic recession. Higher unemployment. Huge government spending to stabilize the banking system – debts that future generations will have to pay back. Financial regulation and supervision have been too weak or have provided the wrong incentives. Global markets have fanned the contagion. Opacity, complexity have made things much worse. Repair is necessary and urgent. Action is required at all levels – Global, European and National and in all financial sectors.







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