The Road Ahead after De Larosière
The European Finance Ministers' decision of 9th June '09, successively adopted by the European Council, broadly implement the proposals of the De Larosière Committee and the European Commission on European financial supervision, and provided the necessary detail. From 2010 onwards, a new structure should be in place to ensure more integrated European macro- and micro-prudential oversight. The macro-economic risk council will be consultative and will largely function within the context of the ESCB, hence not posing big implementation issues. The Authorities coordinating micro-prudential supervision will be established by the Council in the autumn, basically upgrading the existing Committees, but with a substantially increased workload, raising important structural and organisational issues.
Read the paper written for FEPS by Karel LANOO, Chief Executive of the Centre for European Policy Studies