Treasury has written to the Czech EU presidency in advance of the G20 summit. The letter sets out priorities and highlights:

  • how prudential and conduct of business regulation must be considered together, not separately;  
  • the importance of global cooperation;  
  • consistency and alignment of supervisory and crisis management arrangements; and  
  • independence and accountability of regulators.  

Treasury suggests four strands to the EU response:  

  • finding a mechanism that brings together an early warning system for macro-economic and financial market problems;  
  • better cohesion and accountability between EU sectoral regulators, ultimately merging the three European standard-setters and giving them more powers;  
  • developing more pan-European rules for market infrastructure, in particular clearing and settlement systems; and  
  • a fundamental review around issues relating to cross-border branches.