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

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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.

Another crucial issue is to ensure that we do not get lost in minute details. Right now, the important thing is to agree on the political objectives. Does Europe need a body to monitor and assess potential risks to the stability of the financial system as a whole? Do we need a supervisory framework that enables us to address the cross-border challenges - taking account of the interest of all Member States? I think the answer to both questions is YES. And in this respect it has been good to see that the Informal ECOFIN meeting in Prague confirmed that there is a large degree of agreement on the main objectives to be achieved.

For the coming months, it will be important to retain this sense of urgency. In order to make rapid progress our Communication will set out the basic architecture for a new European financial supervisory framework. And we will invite the June European Council to endorse this architecture. It is envisaged that the legislative changes to give effect to the proposed framework will follow in the autumn of this year - after further stakeholder consultation. Our objective is to have these reforms adopted in time for the renewed supervisory framework to be up and running in 2010. So we will have very exiting times ahead of us and I hope I can count on your continued support in building a supervisory system that better protects our citizens and rebuilds trust in the financial system.


High Level Conference "Towards a new supervisory architecture in Europe" – 7 May 2009 - Bruxelles

As part of the consultation process on the future of EU financial supervision, the Commission will be holding a High Level Conference entitled "Towards a new supervisory architecture in Europe" on the 7th of May 2009. The Conference is designed to enable a wide and open discussion on the future reform of the European supervisory framework and, as a result, to provide the Commission with valuable suggestions to improve the quality and comprehensiveness of its policy proposals. Conference Programme:




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