European Commission (EC)
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
Europe reveals new stability mechanism
Eurozone finance ministers outline European Stability Mechanism designed to offer financial assistance to troubled single currency states
Irish bailout fails to restore faith in PIIGS debt
CDS spreads on peripheral eurozone debt widen despite €90 billion in aid
Large pension funds a threat to financial stability – European Commission
European Commission says pension funds should also be classed as “too big to fail”
Cebs says work on supervisory colleges is accelerating
Cebs secretary-general Arnoud Vossen, in an interview with Operational Risk & Regulation, says work on improving supervisory colleges is speeding up
EPC chairman 'shocked' at Brussels' 'competing' Sepa schemes
European Payments Council chair slams European Commission's willingness to allow operation of multiple, national Sepa schemes; says plan would thwart aims of Sepa
Esma could undermine City of London: LSE's Rolet
London Stock Exchange chief executive Xavier Rolet tells influential parliamentary committee new European Securities and Markets Authority could risk handing control of UK regulation to Europe
ECB calls for law enforcing Sepa migration
European Central Bank says legislative action on migration of Sepa scheme needed as self-imposed deadline will not work
Trichet opposes EU agreement on fiscal sanctions
European Central Bank president Jean-Claude Trichet refuses to give his backing to sanctions for countries that break rules of stability and growth pact; sees sanctions as too soft
Brussels crafts principles for bank account access
European Commission consults on principles to ground law granting universal access to basic bank accounts; 6% of adults do not have a bank account
Analysts applaud passage of ESRB, fret over practical concerns
Commentators praise the concept of a continent-wide systemic risk supervisor but say politics and lack of policy clarity could thwart good intentions
EC finalises OTC rules, leaves key technical items to Esma
Corporate hedgers claim a victory, but details on clearing eligibility and thresholds to be tackled by new authority.
Hungary told to lift cap on central bankers’ pay
European Commission says Hungary could face legal action if it does not lift salary cap on central bank employees
Trichet to be first head of European Systemic Risk Board
European Central Bank president Jean-Claude Trichet will chair continent’s new systemic risk board until the end of his term; proposal reflects compromise between parliament and national governments
MEPs win out on powers for new European supervisory bodies
Pan-European authorities will have the power to impose emergency measures and intervene with financial institutions, after parliamentarians gained ground in compromise agreement
Payments providers split over Sepa end dates
Comments released by the European Commission show that European institutions and banking associations disagree over Sepa proposals to seperate end dates
IMF: European debt measurements misleading policies
Fund study says European Union spending cuts neglect impact of policies on future
EU’s Barnier: paradigm shift in regulating OTC derivatives
European Commission commissioner for internal market and services Michel Barnier says concept of light touch regulation is history
Brussels will drain London banking sector: top bankers
HSBC chair Stephen Green warns that European legislation will eradicate London’s competitive edge as a financial centre; says Basel III will curb trade finance
Europe hikes capital rules, slashes banker bonuses
Legislation adopted by European Parliament requires banks hold up to four times more capital to protect against trading risk; half of bankers’ bonuses to be paid in contingent capital
Trichet on World Cup: I don't mind who wins
Jean-Claude Trichet refuses to declare favourite as two eurozone members vie to scoop soccer's top prize
ECB attacks Bucharest over central bank pay cuts
European Central Bank criticises Romania’s decision to impose wage cuts on central bankers after its government failed to consult Frankfurt