On Tuesday, in advance of the G-20 Summit to be held in Toronto this weekend, U.S. Treasury Secretary Timothy Geithner and Director of the National Economic Council Larry Summers published an op-ed in the Wall Street Journal outlining their agenda at the Toronto Summit and “highlighting the importance of the G-20 in building a united approach to global economic recovery."
Although today's meeting of the European Council was still dominated by measures to address the ongoing economic crisis, EU leaders announced that they have taken action in four key areas.
This week President Jean-Claude Trichet, President of the European Central Bank, and Mr. Jean-Claude Juncker, Chairman of the Eurogroup (which comprises of the 16 European Union countries that have joined the euro) cautioned members of the European Parliament in separate statements not to begin implementing measures to exit the crisis.
Today, the European Commission (EC) announced important legislative proposals that are intended to strengthen the framework of financial supervision in Europe at both "the macro and micro-prudential supervision levels" by creating the "first EU-wide system of financial supervision."
On Friday, some of Europe’s key financial market players, including the European Banking Federation (EBF), the European Federation for Retirement Provision (EFRP), the European Private Equity and Venture Capital Association (EVCA), the Federation of European Accountants (FEE), the Federation of European Securities Exchanges (FESE) and BUSINESSEUROPE issued a joint statement expressing their support for "a reinforced European Financial Supervision system, broadly supporting the European Council recent Conclusions."
Yesterday, the Economic and Financial Affairs Council met to discuss the reform of the European Union’s “supervisory framework for financial markets,” following the recommendations of the High-Level Group on Supervision, chaired by Mr. Jaques De Larosiere, “aimed at strengthening the supervisory system and rebuilding trust in the wake of the global financial crisis.”