WHAT THEY SAY ABOUT THE NEW EU SUPERVISORS
Read the full Open Europe document here.
“This is just a first step [...] we will dispose of a framework in which the Commission will continue brick by brick, piece by piece, to propose elements.”
- EU Commissioner for Internal Market and Financial Services, Michel Barnier, 2 September 2010.1
“We have agreed a European system of supervision with binding powers. My conviction is that its scope will increase […] This is a point of departure. In the future there will be an evolution. Institutions end up doing more than foreseen.”
- French President Nicolas Sarkozy, 20 June 2009.2
“We can’t foresee the evolution in five or ten years’ time but we know that there are already global stakeholders calling for something more.”
- Salvatore Gnoni, Securities Markets Unit, Internal Market DG, European Commission, 12 July 2010.3
“The supervisory package currently under consideration and based on the conclusions of the de Larosière group constitutes an important step ahead. However, further steps will be needed for the future structure of EU supervision if we want to avoid crises in future.”
- Pervenche Berès MEP, member of the EP Committee on Economic and Monetary Affairs, 28 July 2010.4
"No actor, no product, no sector, no territory should no longer be able to escape sensible and intelligent regulation and supervision."
- EU Commissioner for Internal Market and Financial Services, Michel Barnier, 6 September 2010.5
“This is just a first step [...] we will dispose of a framework in which the Commission will continue brick by brick, piece by piece, to propose elements.”
- EU Commissioner for Internal Market and Financial Services, Michel Barnier, 2 September 2010.1
“We have agreed a European system of supervision with binding powers. My conviction is that its scope will increase […] This is a point of departure. In the future there will be an evolution. Institutions end up doing more than foreseen.”
- French President Nicolas Sarkozy, 20 June 2009.2
“We can’t foresee the evolution in five or ten years’ time but we know that there are already global stakeholders calling for something more.”
- Salvatore Gnoni, Securities Markets Unit, Internal Market DG, European Commission, 12 July 2010.3
“The supervisory package currently under consideration and based on the conclusions of the de Larosière group constitutes an important step ahead. However, further steps will be needed for the future structure of EU supervision if we want to avoid crises in future.”
- Pervenche Berès MEP, member of the EP Committee on Economic and Monetary Affairs, 28 July 2010.4
"No actor, no product, no sector, no territory should no longer be able to escape sensible and intelligent regulation and supervision."
- EU Commissioner for Internal Market and Financial Services, Michel Barnier, 6 September 2010.5
The City of London is one of the UKs major wealth creators, contributing massively to our GDP.
This document, produced by the think tank "Open Europe" is an excellent analysis of how the EUropean Union intends to impact upon the City's operations, and how market regulation will be biased to favour financial institutions outside the UK.
This document, produced by the think tank "Open Europe" is an excellent analysis of how the EUropean Union intends to impact upon the City's operations, and how market regulation will be biased to favour financial institutions outside the UK.
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