| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2014) 279 final (15.05.14) |
| Publication Date | 15/05/2014 |
| Content Type | Policy-making, Report |
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In 2008, the world was hit by a financial crisis which was global in scale and imposed significant costs on the EU economy and its citizens. In the immediate aftermath of the crisis, the EU took the lead in a decisive global regulatory response. Together with its international G20 partners, the EU committed to engage in a fundamental overhaul of the regulatory and supervisory framework of the financial sector. Alongside its control over state aid granted during the crisis, the Commission acted quickly to make immediate regulatory interventions that strengthened deposit guarantee schemes and reformed accounting rules. Following the recommendations of a group of high-level experts set up by the Commission and chaired by Mr de Larosière, in 2009 and 2010 the Commission set out the way forward for improving the regulation and supervision of EU financial markets and institutions. It announced a set of legislative measures to bring about a safe and responsible financial sector conducive to economic growth. Given the interconnections between Member States that share a common currency, it also became clear that there were specific risks which threatened financial stability in the euro area and the EU as a whole. This called for deeper integration to put the banking sector on a more solid footing and restore confidence in the euro, by creating a Banking Union with single oversight and resolution of banks in the Member States of the euro area, and potentially open to all Member States if they wish to take part. Over the past five years, more than 40 proposals have been tabled by the Commission (many of which are already in force) aimed at restoring market confidence, financial stability, and the integrity and efficiency of the European financial system. The first positive effects of the reformed financial system can already be observed and continue to unfold. Ongoing monitoring and review will be necessary to further evaluate the implementation and the overall impact and effectiveness of the reforms. This Communication takes stock of the progress made in reforming the financial system and, where already possible, assesses the overall impact of the EU financial regulation agenda. More detail is provided in the Staff Working Document 'Economic Review of the Financial Regulation Agenda'. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2014:279:FIN |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
