European Commission (EC)
Global equity markets tumble as euro area panic sets in
European sovereign debt crisis escalates as equity markets across the board record big losses
IMF expresses ‘disappointment’ at Commission’s Basel III proposals
IMF says European Commission’s proposals to adopt Basel III are too soft and do not offer national authorities sufficient flexibility over macroprudential policy
European Commission unleashes region-wide capital requirement proposal
Commission sets out plans to 'change the behaviour of the 8,000 banks that operate in Europe'; rules limit member states’ right to legislate on capital requirements
Barroso confirms European finance ministers agree to EFSF fund rise
European Council set to meet in Brussels to discuss economic policy change and the Greek crisis; Barroso reveals finance ministers agree to raise European Financial Stability Facility fund
Basel III liquid asset definitions loosened in CRD IV draft
Draft legislation seen by Risk contains less prescriptive language on what counts as an eligible liquid asset under the liquidity coverage ratio
Barnier defends Basel III legislation
European commissioner Michel Barnier speaks out against reports suggesting drafted legislation of Basel III carries loopholes for financial conglomerates
Credit rating agencies slam sovereign warning proposal
EU Commission proposal for credit rating agencies to give sovereigns three days’ notice of a rating change causes “grave concerns”
EU governance reform falls short of quantum leap: Trichet
European Central Bank president Jean-Claude Trichet calls for less discretion to application of Stability and Growth Pact
Bailout package offers hope for Portugal
Lisbon accepts €78 billion bailout as part of deal to reduce deficit to 3% of GDP by 2013; analysts say preliminary terms of deal positive for sovereign
Sepa end-dates should be set in stone: ECB
European Central Bank proposes concrete end-dates for migration to Single Euro Payments Area
Risk Europe: S&P slammed for linking Greece, Portugal downgrades to ESM
Eurozone bail-out vehicle doesn't hurt existing bondholders, EC official argues
European parliament embraces Tobin tax
Lawmakers throw their weight behind Tobin tax on financial transactions; say global difference of opinion should not stop Europe implementing levy
EBA’s stress test scenarios revealed: reports
Leaked documents set out scenarios for new round of European bank stress tests
Central bank wage cap backfires on Budapest: reports
Hungarian government could be pushed to amend controversial central bank salary cap as problems mount in finding suitable external rate-setters
Bailout renegotiation looms following Irish election
Ireland’s new prime minister-elect expected to press for renegotiation of EU-IMF bailout deal; scheduled to meet European Commission head José Manuel Barroso on Friday
ECB rejects public credit rating agency role
European Central Bank says European Commission should abandon proposals for Eurosystem to issue credit ratings to public
FSA's tough stance opens door to investment bans
The UK Financial Services Authority has taken a leaf from the book of the European Securities and Markets Authority and started a consultation that may well end up giving the regulator the power to ban investments it deems to be unsuitable.
Brussels seeks clarity on solving national regulators’ spats
European Commission calls for amendments to laws stating what the role of new supervisory authorities will be in resolving disputes between national regulators
Brussels sets the stage for senior debt haircuts
Internal markets directorate publishes consultation paper calling for senior bondholder haircuts in resolution regimes; analysts worry move could further disrupt funding for troubled banks
Haircut fears push up bank CDS prices
Spreads on the credit index for senior European financials widen as EU releases burden-sharing consultation paper
Brussels forges ahead with Sepa end-date proposal, despite differences
European Commission proposes deadlines for national credit and debit transfers to migrate to Sepa system; move could divide stakeholders
Barnier draws UK lawmakers’ fire over new European supervisory structure
UK parliamentarians cross-examine European Commissioner for internal market regulation Michel Barnier on how much power new European supervisory authorities will have over national regulators
European Commission floats concept of investment bans in latest Mifid consultation
The European Commission has produced a consultation paper that suggests a basis for banning certain investments, with structured products making their usual appearance in the limelight
CDSs did not hike eurozone states' funding costs: European Commission report
European Commission taskforce finds credit default swaps were not responsible for inflating eurozone members' funding costs, worsening crisis