The Committee’s opinion on proposals for European financial supervision

In September 2009, the European Commission published its detailed legislative proposals for European financial reform. The regulations proposed would establish a European Systemic Risk Board (ESRB), to undertake macro-prudential issues, and a system of European Supervisory Authorities (ESAs), for Banking, Securities, and Insurance and Occupational Pensions. This would encourage greater consistency and co-operation between national regulators in their micro-prudential work as there are extensive links between the ESRB and the ESAs.

As stated in this Report, the Committee welcomes the intention of the new regulations but has concerns about the details and the timetable seeking their adoption by Ecofin at the Council on 2 December 2009. The Committee considers that is far too fast: the proposals will set in place a framework which should last for many decades, and there should be proper time for consideration.

ESO: Background information: Darling pressed to hold back on EU regulation http://www.europeansources.info/record/darling-pressed-to-hold-back-on-eu-regulation/

United Kingdom: House of Commons: Treasury Committee: 1st Report (2009-2010)HC 37 http://www.publications.parliament.uk/pa/cm200910/cmselect/cmtreasy/37/3702.htm

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