01 Dec 2008

Concrete Steps towards More Integrated Financial Oversight

The EU's Policy Response to the Crisis

Karel Lannoo

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The financial crisis exposed dangerous weaknesses in the regulatory and oversight structure that need to be urgently corrected to restore confidence in the financial system and to keep the single market alive. Towards this end, this CEPS Task Force report puts forward three main policy recommendations to the EU:
1) The European Council should formally mandate the High-Level Expert Group on EU financial supervision to analyse the optimal structure of financial oversight and propose concrete steps leading to a European System of Financial Supervisors;
2) A European Financial Institute should be created to lay the groundwork for the establishment of the European System of Financial Supervisors; and
3) The European System of Financial Supervisors should be given definitive target date to commence operations.