Concrete Steps Towards More Integrated Financial Oversight in the EU

CEPS Task Force Report: 
Concrete Steps towards More Integrated Financial Oversight: The EU’s Policy Response to the Crisis
Author: Karel Lannoo

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.

Date Published: 1 December 2008 
Pages: 44

1st meeting: 10 Mar 2008
2nd meeting: 3 June 2008
3rd meeting: 1 Oct 2008