Charlie McCreevy spoke:

  • to the European Parliament on the future of EU financial supervision. He said the Commission will adopt a Communication on 27 May with legislative plans in the autumn. The Commission will follow the de Larosiere recommendations and base the new structure on two pillars – the European Systemic Risk Council and the European System of Financial Supervisors. The ESRC will look at the exposure of the financial system to interconnected, complex, sectoral and cross-sectoral systemic risks. The ESFC will aim to build trust between national supervisors and build a better system for addressing cross-border risks and host supervisor concerns;  
  • on financial reporting and the importance of flexibility and rapid reaction from the IASB; and  
  • the ongoing dangers of the crisis, including the risk of banks continuing to put downward pressure on economic activities by reducing credit.