Europe: the new financial supervisory framework

Yesterday the European Commission published a communication setting out its proposals for a new European financial supervisory framework. Central to the proposals is the creation of a European Systemic Risk Council (with responsibility for monitoring and assessing risks to the stability of the financial system) and a European System of Financial Supervisors (a network of national financial supervisors working alongside new European supervisory authorities). 

Legislation will be made in the autumn; meanwhile, comments are invited here and should be made by July 15. For further information see: Commission press release | Commission communication | Frequently asked questions | Impact assessment (summary) | Impact assessment (full text) | Further background information |