EU super-watchdog warns economic crisis ‘far from over’

Report of a hearing on the Hearing on the European Systemic Risk Board (ESRB) before the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 2 May 2011.

The risk burden still threatens Europe's financial stability, and the crisis aftermath will last many years, the two vice chairs of the EU's new financial risk watchdog warned the Economic and Monetary Affairs Committee. Mervyn King and Andrea Enria repeatedly called for the EP's support when pushing through difficult reforms, particularly in better times when the financial sector would lobby fiercely against regulation.

ESO: Background information: European Systemic Risk Board: EU authority aims to head off crises http://www.europeansources.info/record/european-systemic-risk-board-eu-authority-aims-to-head-off-crises/

Website: European Systemic Risk Board http://www.esrb.europa.eu/home/html/index.en.html

ESRB: Press Release, 2.5.11: Introductory Statement by Mervyn King, 1st Vice Chair of the ESRB, Brussels, 02 May 2011 http://www.esrb.europa.eu/news/pr/2011/html/sp110502.en.html

ESRB: Press Release, 2.5.11: Andrea Enria, 2nd Vice Chair of the ESRB: Hearing on the ESRB before the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 2.5.11 http://www.esrb.europa.eu/news/pr/2011/html/sp110502_1.en.html

European Parliament: Press Release, 2.5.11: EU financial system still weighed down by risk http://www.europarl.europa.eu/en/pressroom/content/20110502IPR18524/html/EU-financial-system-still-weighed-down-by-risk

EurActiv, 2.5.11: Stress tests 'not a pass or fail exercise': EU watchdog http://www.euractiv.com/euro-finance/stress-tests-pass-fail-exercise-warns-eu-watchdog-news-504467

---