Single European Financial Supervising Authority gains support of European Parliament
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8 October 2009
In a cross-party resolution adopted today in the European Parliament, Members from all groups took the view that the European Union needs to work towards a stronger financial supervisory architecture with a single financial supervisory authority as an objective. Guy Verhofstadt welcomes the growing consensus and support for a Single European Financial Supervising Authority.
The resolution was prepared as a response to the conclusions of the G20 summit meeting in Pittsburgh on 24-25 September where leaders sought a degree of consensus on tackling the economic and financial crisis.
Guy Verhofstadt, ALDE group leader welcomed the growing consensus: "The idea of a single financial supervisory authority is gaining wider support. What we need now is to work on the details of how such an authority can operate in practice, guarantee the vital exchange of economic data and work in conjunction with national central banks and financial supervisors to avert the threat of a similar crisis in the future."
"There needs to be much greater fluidity of information and oversight that will require some degree of coordination at the centre.
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