The Presidency outlined some discussions at the latest meeting of Economic and Finance Ministers (ECOFIN). The meeting noted that by the end of the year the European Commission plans to table draft Regulations to ensure the implementation of G20 recommendations on financial sector reform. The meeting stressed the importance of the package of Regulations raising capital requirements for banks and streamlining their corporate structures. It noted that the Commission plans to present a draft Regulation on restructuring procedures for banks under threat of insolvency. The discussion also touched on further reform of the capital market, designed to strengthen its security and that of consumers of financial services. The Commission will propose further Regulations on credit rating agencies (CRAs), aimed at reducing the dependence of financial market actors on agency ratings, stimulating competition in the CRA sector, boosting transparency with regard to the rating of national debt instruments and reducing conflicts of interest in the activity of CRAs. (Source: Presidency Notes ECOFIN Progress)