The European Commission will today (12 July) propose a series of measures to protect savers from the risk of failure in a move aimed at restoring confidence in the banking system and preventing public panic during financial storms. Michel Barnier, the EU's internal market commissioner, is planning to review legislation governing bank deposit guarantees and the protection of retail investors, according to a Commission note obtained by EurActiv. He is also embarking on a more ambitious venture to introduce guarantees against the failure of insurance firms with a "minimum set of common requirements" across Europe.
Michel Barnier, the EU's internal market commissioner, is planning to review legislation governing bank deposit guarantees and the protection of retail investors, according to a Commission note obtained by EurActiv.
He is also embarking on a more ambitious venture to introduce guarantees against the failure of insurance firms with a "minimum set of common requirements" across Europe.
Supervision reforms also on the agenda of tomorrow's meeting; Van Rompuy taskforce to hold talks today. The EU's finance ministers will meet tomorrow (13 July) with the aim of agreeing details of a stress-testing exercise of the European banking sector, and how the EU should reform its supervisory architecture for the financial markets. The meeting will today be preceded by the third session of the EU's ministerial taskforce on reforming economic governance. The taskforce is chaired by Herman Van Rompuy, the president of the European Council, and has a representative from each member state, in almost all cases its finance minister. The meeting will discuss sanctions that should be applied against member states that have excessively high deficits and levels of public debt. Governments want the taskforce to agree a set of governance reforms by October.The taskforce will be followed by a meeting of the eurozone's finance ministers.
The EU's finance ministers will meet tomorrow (13 July) with the aim of agreeing details of a stress-testing exercise of the European banking sector, and how the EU should reform its supervisory architecture for the financial markets.
The meeting will today be preceded by the third session of the EU's ministerial taskforce on reforming economic governance. The taskforce is chaired by Herman Van Rompuy, the president of the European Council, and has a representative from each member state, in almost all cases its finance minister. The meeting will discuss sanctions that should be applied against member states that have excessively high deficits and levels of public debt. Governments want the taskforce to agree a set of governance reforms by October.
The taskforce will be followed by a meeting of the eurozone's finance ministers.
Until the intellectual presuppositions of the politicians and Serious People™ change any re-regulation of banking will circle around to the Same Old plus tweaks.
Guess I'm saying the monkeys are in charge of the banana plantation and until that changes we won't see changes.
a move aimed at restoring confidence in the banking system and preventing public panic during financial storms.
As long as Financial regulations are not re-drawn and re-instituted any regulation of Insurance is an exercise in futility ... if not misdirection.
Therefore, the US won the Cold War.
Therefore, the US economic system is superior to Socialism.
The world will have had been flat but now it had will been round.
Or not.
;-)
