European Commission's package for banking supervision
European Commission proposes a package for banking supervision in the Eurozone
The European Commission adopted today a package of proposals to set up a single supervisory mechanism (SSM) that contains:
a legislative proposal for a Council Regulation to give specific tasks related to financial stability and banking supervision to the European Central Bank (ECB);
a legislative proposal for a Regulation of the European Parliament and of the Council designed to align the existing Regulation 1093/2010 on the establishment of the European Banking Authority (EBA) to the modified framework for banking supervision; and
a communication outlining the Commission's overall vision for the banking union, covering the single rulebook and the single supervisory mechanism, as well as the next steps involving a single bank resolution mechanism.
The Commission calls on the Council and
European Parliament to adopt today's proposed regulations by
the end of 2012, together with the other three components of
an integrated "banking union" – the single rulebook in the
form of capital requirements (see IP/11/915), harmonized deposit
protection schemes (see IP/10/918), and a single European
recovery and resolution framework (see IP/12/570).
For more
information:
Commission proposes new ECB powers for
banking supervision as part of a banking union:
http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/953&format=HTML&aged=0&language=EN&guiLanguage=en
State of the Union Address by President Barroso, on
Economic and Monetary union:
http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/12/596&format=HTML&aged=0&language=EN&guiLanguage=en
Closing remarks by President Barroso following the State
of the Union 2012 Address and exchanges with MEPs:
http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/12/600&format=HTML&aged=0&language=EN&guiLanguage=en
FAQ on European Commission-proposed package for banking
supervision in the Eurozone
http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/662&format=HTML&aged=0&language=EN&guiLanguage=en
Statement by the Eurogroup President on the German
Federal Constitutional Court ruling:
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/132376.pdf