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Three supervisory authorities for the Financial market

2009/12/03

The exit of the current crisis and the avoidance of future financial crises, together with the climate issue, was our presidency’s main priorities. Therefore, I am glad to hear that Finance Minister Anders Borg yesterday made Member States agree to establish three authorities for the surveillance of financial markets. One authority for banks, one for insurance and one for securities markets. Previously had ECOFIN agreed on a board to monitor the EU’s macroeconomic stability. Hopefully we have learned so much from this crisis that we do not need to experience an equally dramatic crisis in the future.

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