Michel Barnier spoke at a public hearing on Solvency 2 on the importance of getting implementation right. He explained the purpose of the Directive was not to add unnecessary rules but to make the insurance sector more solid and able to compete internationally. He discussed the latest QIS and said the Commission hopes not to increase capital levels for the whole industry. He said it seeks "necessary and sufficient" prudence, not excessive prudence. He spoke separately on the coming year's priorities for the European Parliament. He focused on implementing G20 recommendations and highlighted:
- an effective, pan-European supervisory structure for the financial sector;
- better regulation of financial markets and their participants (including clear, effective regulation of derivatives);
- making banks more solid (including pushing through CRD3);
- putting in place a crisis prevention and management framework; and
- encouraging responsible policies on governance and remuneration.