UK rejects Italian calls for single EU regulator
Alistair Darling categorically rejects the idea of a single financial regulator for Europe
BRUSSELS – The UK chancellor, Alistair Darling, rejected calls for pan-European regulation of financial markets at a meeting of EU finance ministers in Brussels on Tuesday.
However, Darling maintained his support for minor reforms of the system, which enables national supervisors to co-operate on cross-border issues while maintaining autonomy and flexibility at home.
Italian chancellor Tomasso Padoa-Schioppa called for a more centralised approach to financial markets regulation, and for a new regime that would see Brussels set binding rules on EU member states.
Ministers at the Ecofin summit discussed the recent review of the Lamfalussy system, while European commissioner for internal markets and services Charlie McCreevy’s speech highlighted the need for greater co-ordination between national regulators to monitor the financial markets in the wake of the subprime crisis.
Not for the first time, McCreevy suggested the idea of a pan-European regulator, formed by Europe's financial regulators joining together to create a college with a rotating chairman – similar in substance to the supervisory system in place at NYSE Euronext. The chairmanship of the Euronext Regulatory College rotates from country to country in order to improve co-ordination and facilitate the decision making process. Such a body would help to remove the barriers to cross-border business and help provide more unity in financial regulation, according to McCreevy.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Running the numbers on Barr’s Basel III endgame revisions
Fed vice-chair’s plan to ease capital requirements for big banks still lacks critical details
Endgame manoeuvre: US banks put SLR reform back in spotlight
Plan to ease Basel III brings renewed focus to impact of leverage ratio on US Treasury market
More disclosure touted to temper pre-hedging ills
Transparency could help investors choose a dealer, but will they use the disclosures?
Regulators want to fix AT1s. Investors want restraint
Tweaking the instrument that regulators love to hate may be the only way to prevent its abolition
Fed’s Basel III rollback gives clearing units a capital break
Client-cleared trades will be exempt from CVA charges and G-Sib surcharge calculations, says Barr
DTCC ‘will prevail’ in UST clearing, says CME’s Duffy
CME boss says LCH-FMX cross-margining deal could face obstacles, and acknowledges difficulties at BrokerTec
The standoff over separate account margining
CFTC issues sixth extension of no-action relief as long-awaited final rule stalls
Banks fret over vendor contracts as Dora deadline looms
Thousands of vendor contracts will need repapering to comply with EU’s new digital resilience rules