In the past week, Charlie McCreevy has spoken:
- on the Commission’s plans to make derivatives allocate the risks in the economy better. He looked at what regulators have already done and international agreement on other issues. He discussed central clearing, central data repositories and bilateral clearing. He also raised a concern on how to incentivise standardisation without stifling innovation, whether to impose requirements on derivatives trading as the US seems to be and whether any products are so toxic they should be banned; and
- on Commission initiatives on reform of regulatory supervision, Solvency II (on which he said the official text should be published by the end of the year) and prudential requirements for banks (CRDs 2, 3 and maybe 4).