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Wednesday, the European Commission adopted a package of draft legislation to significantly strengthen the supervision of the financial sector in Europe.
The Commission decided to create a board, the European Systemic Risk Board, to monitor and assess risks to the stability of the financial system as a whole. It also decided to form "European System of Financial Supervisors" for the supervision of individual financial institutions, which consists a network of national financial supervisors working in tandem with new European Supervisory Authorities.
"Our aim is to protect European taxpayers from a repeat of the dark days of autumn 2008, when governments had to pour billions of euros into the banks. This European system can also inspire a global one and we will argue for that in Pittsburgh," European Commission President José Manuel Barroso said. Internal Market and Services Commissioner Charlie McCreevy said, "This package represents rapid and robust action by the Commission to remedy shortcomings in European financial supervision and will help prevent future financial crises."
Economic and Monetary Affairs Commissioner JoaquÃn Almunia noted that the creation of a European Systemic Risk Board will go a long way towards tackling the imbalances in Europe's financial systems and solving the weaknesses in financial supervision system.
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