Today, the European Commission released a statement to the EU leaders suggesting they “stay united against the crisis, move fast on financial market reform and show global leadership at [the] G20.” Citing the Larosiere Report, the Commission suggested reforms in the following areas:

  • The banking system: an overview of the measures taken toward the end of 2008 and in particular advice from the Commission.
  • Financial regulation and supervision: “a supervisory system combining much stronger oversight at EU level with maintaining a clear role for national supervisors.”
  • The real economy: the Commission “calls on EU leaders to endorse clear principles for further action, in line with the single market, with open trade worldwide, with building a low carbon economy and with returning to sustainable public finances as soon as possible.”
  • Employment: Member States should step up efforts to tackle unemployment as “a central plank of national stimulus plans.”
  • Promoting global recovery: EU leaders should use the G-20 summit as an opportunity to lead the global recovery through “better transparency and accountability, appropriate regulation of all financial actors, tackling difficulties caused by uncooperative jurisdictions, boosting international supervisory cooperation, and reforming the IMF, Financial Stability Forum and World Bank.”