Jacques de Larosiere has addressed a House of Lords committee on the UK's role in pan-European financial supervision
LONDON - The UK should play its part in the creation of European Union (EU) level supervisors, Jacques de Larosiere told Parliament's upper chamber, the House of Lords, on Tuesday.
Larosiere, a former governor of the Bank of France, presented the proposals of his EU high-level expert group on financial supervision in Europe on February 25, recommending new pan-European supervisory bodies to co-ordinate micro-economic prudential supervision and macro-economic systemic oversight across the continent.
The report has already provoked a response from UK chancellor Alistair Darling, who wrote to the current EU presidency holders the Czech Republic extolling the role the Bank of England must play alongside the eurozone's interest rate-setting European Central Bank in systemic risk supervision.
"It would be a pity for this body not to have the benefit of the knowledge and experience of the Bank of England, but I think it would be more of a pity if the UK, especially in the present state of its financial affairs, were to turn its back," said Larosiere to the House of Lords' European Union sub-committee on economic and financial affairs and international trade.
European leaders are attempting to forge a common top-level approach to cross-border supervision and regulation ahead of the gathering of the global G-20 nations in London on April 2.
More on Regulation
ABA calls for better ways to compare bank capital between countries
US regulator will pursue a quicker route to exempt foreign CCPs
ECJ decision means new problems for data preservation
Discussion crystallises over regulatory streamlining
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.