Charlie McCreevy has highlighted what the Commission needs to concentrate on in a speech to the EP Committee on Economic and Monetary Affairs. He noted:  

  • the quick moves to strengthen deposit guarantee schemes;
  • the proposal for credit-rating agencies;
  • the debate on capital requirements changes: he stressed particularly that he, Member States and supervisors do not agree with the proposed carve-out of all short-term inter-bank exposures from prudential rules. They feel this will jeopardise the stability of the financial system. He also pressed for a quick solution. He noted the proposals to look at clearing of CDSs on a European CCP, although he is disappointed the industry has not agreed on the necessity to clear trades on EU entities on at least one EU CCP; and
  • that Solvency II is also stuck: he said now is not the time for delay and urged Parliament to adopt the proposals.  

Finally, he noted the need for a more comprehensive reform of the financial system.