The European Union has published the work programme of the Economic and Financial Affairs Council (ECOFIN) for the second-half of 2008.

In relation to financial services the European Council proposes that ECOFIN carries out work which will:

  • Improve transparency and quality of disclosure by financial institutions. The Council will consider the forthcoming proposals amending the Capital Requirements Directive (CRD), which should lead to increased accountability of operators, and greater control of securitisation and liquidity risks. It will also take action to ensure an effective Europe-wide supervisory system for credit rating agencies, and consider transparency rules for financial institutions.
  • Step up convergence of supervisory authorities' practices and gearing supervision arrangements to increasing financial integration in Europe. The European Council will consider the CRD and the Solvency II Directive proposal with a view to both modernising prudential rules for banks and insurers, and improving the effectiveness of cooperation among their supervisors. It will also implement the December 2007 ECOFIN Roadmap on the Lamfalussy review, to increase the effectiveness of the European institutions in preparing, adopting and implementing European financial services legislation. In addition, the Council will encourage a common approach to sovereign wealth funds.

ViewWork programme for ECOFIN, (PDF 163KB), 4 July 2008