Financial supervision
Crisis management (1)
The recent financial crisis has highlighted the need for an EU-wide effective crisis management for cross-border financial institutions. Over the years, the Single Market has grown in size and in importance and now features a high degree of integration, not least because of the fact that a single passport and free establishment are guaranteed under a Treaty. While banking law is extensively harmonised in Europe, so far crisis management was not.
EU supervisory framework (12)
Towards a new supervisory framework in the EU
On May 27, 2009, the European Commission revealed its plan for establishing a new European Supervisory Framework, which is largely based on the recommendations of the de Larosière Group Report of February 2009.
The Commission articulates the new framework according to two levels of supervision:
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