The struggle for implementing financial reforms.
We need to fully understand what the EU oversight authorities are doing to bring the crisis to an end. Each financial institution in the EU must prepare an objective analysis as well as a practical plan on how to move forward and get clear answers on how to get the regulatory systems back on track.
In spite of the many assumptions and signals, none of the stakeholders in the financial services industry are able to accurately identify and assess the subprime crisis or the origins of the financial crisis. However, several key oversight players are still trying to fix the mess and damage both the crisis did to our economy.
Financial Institutions continue to be at the center of the financial crisis while various other government institutions have bailed out failing banks. The oversight authorities are pressing for additional controls, governance, risk management and compliance while they are trying to get a hold on enforcing the existing controls and compliance.
We enclose some of the latest reports as background information and reading, on what the EU is doing to get the economic and regulatory systems back on track.
- High-level Expert Group on reforming the structure of the EU banking sector Chaired by Erkki Liikanen FINAL REPORT Brussels, 2 October 2012
- COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL A Roadmap towards a Banking Union European Commission COM(2012) 510 final 12.9.2012
- Banking Union: A Federal Model for the European Union with Prompt Corrective Action by Jacopo Carmassi, ASSONIME, Carmine Di Noia, ASSONIME and Stefano Micossi, Associazione italiana delle società per azioni CEPS Policy Brief, No. 282, 18 September 2012
- Why bank governance is different by Marco Becht, Patrick Bolton and Ailsa Roell Oxford Review of Economic Policy, Volume 27, Number 3, 2012, pp. 437–463
- Towards a genuine Economic and Monetary Union Report by Herman Van Rompuy, President of the European Council in close collaboration with: José Manuel Barroso, President of the European Commission, Jean-Claude Juncker, President of the Eurogroup, and Mario Draghi, President of the European Central Bank 5 December 2012
