A few new rules for financial market supervision, a potentially bigger role for the European Central Bank, but no single European regulator. That, in a nutshell, is the message of today’s long-awaited report on how the European Union should reform the regulation of its financial sector.
The report was prepared by a committee of experts led by Jacques de Larosière, the former French central bank governor and International Monetary Fund managing director. It’s likely to set the framework for Europe’s stance at the April 2 G20 talks in London on reshaping the world financial system. Read more