2009-06-03

By Editor, CIR

The European Commission says it would like its proposed cross-border system of supervising financial services businesses to be in place before the end of next year

The Commission is calling for a European Systemic Risk Council to be formed to monitor the entire financial system, and a European System of Financial Supervisors to oversee insurers and other individual financial institutions.

EC president Jose Manuel Barroso said he hoped the European Council would endorse the proposal this month, and that he wanted "the new architecture up and running during 2010."

The Brussels-based Comite Europeen des Assurances, which represents Europe's insurers and reinsurers in Europe, said the proposed changes in supervision would benefit its members.

"The European insurance industry very much welcomes the EC proposals for an improved EU system of financial supervision,'' commented Michaela Koller, the CEA's director general.

"The insurance industry is convinced that supervisory cooperation and convergence is an appropriate answer to the current crisis."

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