Long before the financial crisis the European Parliament regularly pointed out the significant failures in the EU’s supervision of ever more integrated financial markets.
Long before the financial crisis the European Parliament regularly pointed out the significant failures in the EU’s supervision of ever more integrated financial markets.
Most notably in 2000 a resolution raised the point that stateless financial groups called into question the traditional structure of supervision. In 2002 a resolution called for the setting up at the EU level of a system for the monitoring of systemic risk. Then, in 2008 MEPs called for the supervisory committees to be given a legal status and the ability to issue binding decisions on national supervisors.
In the case of this package, the rapporteurs were chosen in October 2009 and presented their draft reports in the Economic and Monetary Affairs committee in February 2010. Four rapporteurs are responsible for piloting the EP’s position on the four different bodies to be set up with another three rapporteurs responsible for the more technical aspects of the package.
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