Contribution to the Larosière's Group

2009.05.24

Preventing future crises requires in particular:

Enabling the identification and preventative treatment of systemic risks for financial players or activities,
Improving the coordination of supervision for cross-border financial groups
Ensuring more transparent operations on the markets,
Clarifying responsibilities of investment fund players
Factoring in the accounting and prudential requirements of long-term investment.

These are the objectives on which Eurofi has focused its proposals.

1. Restoring Confidence :
Proposals for improving confidence within the banking system

2. Supervision :
Improving banking and insurance supervision at EU level through an EU network of supervisors

3. MacroPrudential Supervision :
The need and ways to improve Macro-Prudential supervision

4. Long Term Investment :
the urgent need to recognise the specific features of this class of assets

5. Investment Products :
Regulatory improvements concerning investment products in light of the current financial crisis and of the "Madoff Affair"

6. Securities Infrastructures :
Regulatory improvements concerning securities infrastructures in light of the current financial crisis

7. Microcredit :
Banking regulations must also factor in the growing role of Microcredit

Membership

Eurofi brings together financial institutions of different sizes and statutes: domestic and cross-border banks and insurance companies with different legal statutes, broker dealers, asset managers, market infrastructures... The members of Eurofi are companies based in the main EU countries as well as well as subsidiaries of US firms. Eurofi works with all the representative stakeholders involved in a given subject to help them solve issues or identify new ideas and interact with EU political decision makers and legislators.

Financial cross-border supervision, the Solvency II Directive, the review of the UCITS Directive and the new Alternative Investment Fund Manager Directive, Accounting and Prudential rules to favour long term investment for example are major areas of focus of the work of Eurofi. The proposals made by Eurofi are presented to the main leaders of the EU authorities and discussed at the occasion of the Financial Forums organized by Eurofi"

The EUROFI Financial Forum 2009

29 september - 1 october 2009 Göteborg Sweden

An event organised in association with the Swedish EU Presidency

Identifying and discussing key initiatives for restoring confidence, preventing future crisis and improving the security and efficiency of financial services in Europe…

This international symposium is taking place in Götborg ahead of the Eurogroup and the informal ECOFIN Council meetings…

100 distinguished speakers gathered by Jacques de Larosière among which Andres Borg, Sharon Bowles, Jaime Caruana, Alexander Lamfalussy, Tommaso Padoa-Schioppa, Pedro Solbès, Jean-Claude Trichet, David Tweedie, Paul Volcker, etc. offer an unique opportunity to industry and political decision-makers to clarify the main regulatory measures and the changes required.

See Press release

What priorities for the incoming European authorities in light of the financial crisis?

Programme

Report