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European Parliament approves financial supervision reform package

  • Alston & Bird LLP
  • -
  • European Union
  • -
  • September 23 2010

Yesterday, the European Commission voted to approve the financial supervision reform package, which will shift the manner in which banks, stock markets and insurance companies are supervised and policed in Europe

European Commission proposes reinforcing European Union economic policy coordination

  • Alston & Bird LLP
  • -
  • European Union
  • -
  • May 12 2010

Today, the European Commission issued a Communication, largely as a result of the Greek debt crisis, setting forth proposed measures to strengthen Europe's economic governance

Ecofin Council adopts conclusions on capital requirements, remuneration policies and public finances

  • Alston & Bird LLP
  • -
  • European Union
  • -
  • November 11 2009

Yesterday, the E.U.'s Economic and Financial Affairs Council adopted various conclusions with respect to capital requirements and remuneration policies in the financial services sector, and the sustainability of public finances

IMF and European Commission recognize implementation of commitments by Romania’s largest foreign financial institutions

  • Alston & Bird LLP
  • -
  • European Union, Romania
  • -
  • August 11 2009

Yesterday, the International Monetary Fund (IMF) and the European Commission (EC) issued a joint statement recognizing the implementation of the Bank Coordination Initiative for Romania, whereby the parent banks of the nine largest foreign-owned banks incorporated in Romania have signed bilateral commitment letters "to maintain their respective groups’ overall exposure to Romania" and "to increase the capital of their subsidiaries to maintain a 10 percent capital adequacy ratio throughout the program period."

EU Competition Commissioner Kroes addresses whether government intervention alleviated crisis in Europe

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • July 1 2009

Yesterday, in a speech at the International Banking Conference of British Bankers Association in London, E.U. Competition Commissioner Neelie Kroes stated that, while government intervention efforts had alleviated the crisis, the focus should now be directed towards helping “restore long-term viability to the system,” since European governments are “potential spending 16.5 of GDP on bailouts.”