A better way to regulate European finance

EU Finance Ministers were meeting in Nice 12-13 September 2008 for an informal Ecofin meeting. In the financial services sector, the ministers and central bank governors were to assess the situation of the financial markets and review the progress that has been made with the initiatives taken in response to the consequences of the turmoil in the financial sector (the ‘roadmap’ on financial stability). They were also to discuss the means for strengthening the soundness of the European financial system, particularly through the improvement of supervisory mechanisms of financial institutions. Prior to the discussions between the ministers and governors, representatives from the financial sector will be invited to share their views on this topic.

This commentary article present the views of what action is required from Howard Davies, director of the London School of Economics, and David Green, Ad­viser on International Affairs at the Fi­nancial Reporting Council.

Deutsche Welle, 13.9.08: EU Ministers Push for More Transparency From Financial Markets http://www.dw-world.de/dw/article/0,2144,3642760,00.html

France24, 12.9.08: Eurozone finance ministers decide against stimulus plan http://www.france24.com/en/20080912-eurozone-finance-ministers-meeting-nice-france-economics&navi=EUROPE

France: EU Presidency: Informal meeting of the EU economy and finance ministers: main results, 13.9.08 http://www.eu2008.fr/PFUE/lang/en/accueil/PFUE-09_2008/PFUE-13.09.2008/Informelle_ecofin_resultatsa619.html

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