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Financial services & capital markets
First 'equivalence' decisions for central counterparty regulatory regimes
30/10/2014
The European Commission has adopted its first 'equivalence' decisions for the regulatory regimes of central counterparties (CCPs) in Australia, Hong Kong, Japan and Singapore.
Stress tests and ECB assessment: safer banks serving the economy
26/10/2014
The European Commission welcomes the results of the EU-wide stress test by the European Banking Authority and the comprehensive assessment by the European Central Bank.
Commission adopts detailed rules on contributions of banks to resolution funds
21/10/2014
The European Commission has today adopted a delegated act and a draft proposal for a Council implementing act to calculate the contributions of banks to the national resolution funds and to the Single Resolution Fund respectively.
Commission adopts detailed prudential rules for banks and insurers to stimulate investment in the economy
10/10/2014
The European Commission adopted today delegated acts under the Solvency II Directive and the Capital Requirements Regulation which will help promote high quality securitisation, ensure that banks have sufficient liquid assets in testing circumstances and introduce international comparability to leverage ratios.
Commission adopts Regulatory Technical Standards to implement stricter rules on credit rating agencies
30/09/2014
The European Commission adopted three Regulatory Technical Standards which will help to implement key provisions of the Regulation on Credit Rating Agencies by setting out reporting and disclosure requirements in three important areas.
Disclosure of non-financial information: Europe’s largest companies to be more transparent about how they operate
29/09/2014
The European Commission welcomes today’s adoption by the Council of the Directive on disclosure of non-financial and diversity information by large companies and groups. Companies concerned will disclose information on policies, risks and outcomes as regards environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues, and diversity on boards of directors.
Attack to win games and defend to win trophies: safeguarding financial stability in the EU single market
29/09/2014
“We have attacked through the overhaul of the financial framework of the last five years. Now we need to defend what we have achieved by remaining alert to new and potential risks. Adapt to changing circumstances. And play as a team to win the global competition”. Speech by Vice President Barnier at the Worshipful Company of World Traders, London.
Financial Reform: A Call to Action
22/09/2014
“Application of the texts, implementation of reforms, continuing to adapt the existing framework: here are three key challenges in which your committee will play a key role, together with the Commission and the Council”. Speech by the Vice-President Barnier to the Economic and Monetary Affairs Committee of the European Parliament (structured dialogue ECON).
The challenge of implementing market regulations consistently at the global level
12/09/2014
“We must ensure rules are applied in a consistent and coherent way. This is particularly true for the EU and the US”. Speech by Vice-President Barnier at the Eurofi Financial Forum, in Milan.
Vice President Barnier writes to European Banking Authority Chair Andrea Enria concerning potential circumvention of EU rules on bankers’ bonuses
07/09/2014
“It is important to show a collective proactive stance on this important matter and address the claims made that the spirit – if not the letter – of Union law is being disregarded”. Letter from Vice President Barnier to Andrea Enria, Chairman of the European Banking Authority.
The European Commission today adopted the review reports on the European System of Financial Supervision (ESFS)
08/08/2014
"This review is aimed at further enhancing the ability of the ESAs to improve the functioning of the single market for financial services and thus identifies scope for action in the short and medium term", said Commissioner Barnier
Vice-President Michel Barnier welcomes major milestone for the internal payments market with the migration to SEPA (Single Euro Payments Area)
01/08/2014
Today, a big part of the Single Euro Payments Area has become reality. In all euro countries citizens have now available a common and simple way to pay at home and across borders.
Single Euro Payments Area (SEPA) becomes fully operational in all Eurozone countries as per tomorrow 1 August 2014
31/07/2014
The Single Euro Payments Area (SEPA) creates a true European Single Market for retail payments in euro where transfers, direct debits and payments between Member States are as easy and fast as the equivalent domestic transactions. It will become fully operational in all eurozone countries on 1st August 2014.
Another step in the finalisation of the Banking Union’s architecture: publication of Single Resolution Mechanism (SRM) Regulation
30/07/2014
Today, the Regulation establishing a Single Resolution Mechanism (SRM) for the Banking Union has been published in the Official Journal of the EU, only one year after the European Commission presented its proposal. The Single Resolution Mechanism will allow for the timely and effective resolution of cross border and domestic banks, over a weekend if necessary. The Regulation will enter into force on 19 August.
The right to a basic bank account for all European citizens: Commission welcomes Council adoption
23/07/2014
The Directive will foster the creation of a real single market for retail financial services bringing numerous benefits to EU citizens by providing them with a right to a basic payment account irrespective of their place of residence or financial situation.
Langfristige Finanzierung für Infrastrukturvorhaben [Long-term investment for infrastructure] – Article
22/07/2014
“We need new instruments that are better suited for long-term financing and especially for infrastructure projects”. Vice-President Barnier explains what the EU has done in this respect. Article by Michel Barnier, Börsen-Zeitung.
Financial crime and cyber security handbook – Foreword
16/07/2014
“Strengthening sanctioning regimes against market abuse is one of the key elements of the EU’s financial sector reform”. Foreword by Commissioners Viviane Reding and Michel Barnier
Vice-President Barnier welcomes Court of Auditors’ special report: “European banking supervision taking shape – EBA and its changing context”
02/07/2014
“I believe the European Banking Authority’s role in the overall supervisory architecture is crucial. (...) While the establishment of the Banking Union (...) will affect the functioning of the EBA, it does not call into question its existence.” Statement by Vice-President Barnier.
Public debt, a key factor in European financial regulation
27/06/2014
“The fight against all levels of excessive debt – by governments, households, businesses or the financial sector – was a major focus of this Commission’s mandate”. Speech by Commissioner Barnier at the IMF’s 14th Forum on managing public debt.
Statement by Commissioner Barnier on Global Derivatives Regulation
27/06/2014
“Global derivatives markets need worldwide standards and national rules that work together seamlessly. (...) I intend to propose shortly that the European Commission adopt ‘equivalence’ decisions that will allow central counterparty clearing houses (CCPs) from five countries outside the EU – Japan, Singapore, Australia, Hong Kong and India – to clear EU derivatives trades”. Statement by Commissioner Barnier.
New rules to strengthen regulation and transparency of remuneration in banks and investment firms in the EU
26/06/2014
Today, new EU rules to strengthen regulation and transparency of remuneration in banks and investment firms in the European Union have entered into force. The new rules relate to the identification of categories of staff whose professional activities have a material impact on an institution's risk profile (so-called ‘material risk takers’).
Social entrepreneurship: new standard to measure social impact
20/06/2014
A new standard to allow social enterprises of all sizes to better measure and demonstrate their social impact and so help them in their discussions with partners, investors, and public sector funders has been published by the European Commission.
Public consultation on the contributions of credit institutions to resolution financing arrangements
20/06/2014
The European Commission launched today a consultation on the contributions of credit institutions to resolution financing arrangements under the Bank Recovery and Resolution Directive and the Single Resolution Mechanism. Input is requested on key elements related to the calculation of contributions of individual credit institutions to the resolution funds.
Anti-Money Laundering: Commissioner Barnier welcomes progress in Council
18/06/2014
“The agreement in Council today represents an important step towards the adoption of stronger rules to combat money laundering and terrorist financing”. Statement by Commissioner Barnier.
The EU and US: leading partners in financial reform
13/06/2014
"The EU and the US agree on the overall objectives of sound and resilient banks and financial markets. But we have and will keep different regulatory procedures and frameworks. We need to do more to make these regulatory systems work together". Speech by Commissioner Barnier at the Peterson Institute for International Economics, Washington.
Another step in the implementation of the bank reform: publication of two key pieces of the Single Rulebook for banks
12/06/2014
Today, the Directive on the Recovery and Resolution of Credit Institutions and Investment Firms (BRRD) and the recast Directive on Deposit Guarantee Schemes (DGS) have been published in the EU Official Journal. The BRRD provides a complete framework for the crisis management of banks, while the DGS Directive strengthens the protection of citizens’ deposits in case of bank failures.
Framework for the markets in financial instruments published in the Official Journal
12/06/2014
Today, the Directive on markets in financial instruments (MiFID 2) repealing Directive 2004/39/EC and the Regulation on markets in financial instruments (MiFIR) were published in the EU Official Journal. Member States have two years to transpose the new rules which will be applicable starting January 2017. The new framework aims to make financial markets more efficient, resilient and transparent.
Framework on Market Abuse published in the Official Journal
12/06/2014
Today, Regulation No 596/2014 on market abuse and Directive 2014/57/EU on criminal sanctions for market abuse, were published in the EU Official Journal. The new framework on market abuse updates and strengthens the existing framework to ensure market integrity and investor protection.
Financial regulation: the pace of reform set in motion in 2010 must be maintained
10/06/2014
“We have seen an unprecedented sequence of financial, economic, fiscal and social crises, which has highlighted clearly the limits of a having a primarily national response. (...) So we needed to work together, at European level, and this is what we have been doing since 2010, with a lot of energy and, I believe, positive results”. Speech by Commissioner Barnier at his hearing before the Finance Committee of the French Senate.
Commissioner Barnier welcomes the Signature of the intergovernmental Agreement (IGA) on the Single Resolution Fund
21/05/2014
Today, 26 Member States have signed the Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund (SRF). This is an important signal of the commitment of all parties, including those which do not yet participate in the single currency, to make the banking union a success.
State of the (Banking) Union
20/05/2014
"Europe's financial markets are too interlinked to be dealt with nationally. (…) So we need common rules and regulatory convergence, we need the EU. (…) The Banking Union is probably our biggest project since the euro itself." Speech by Commissioner Barnier at the Frankfurt Finance Summit.
State of the (Banking) Union
20/05/2014
"Europe's financial markets are too interlinked to be dealt with nationally. (…) So we need common rules and regulatory convergence, we need the EU. (…) The Banking Union is probably our biggest project since the euro itself." Speech by Commissioner Barnier at the Frankfurt Finance Summit.
European Commission presents a first comprehensive review of the financial regulation agenda
15/05/2014
With most financial reform measures now adopted, the European Commission has today published a first comprehensive review of the financial regulation agenda as a whole. "This review demonstrates that we have delivered what we set out to do: the financial regulation agenda is making the financial system more stable and responsible, working for the benefit of the economy and citizens across the EU", said Commissioner Barnier.
Commission adopts report on feasibility of a network of smaller credit rating agencies
05/05/2014
The Commission adopted today a report addressed to the European Parliament and the Council on the feasibility of a network of smaller credit rating agencies in the EU.
The European Banking Authority (EBA) publishes key components of the common methodology for the 2014 EU-wide stress test
29/04/2014
The EBA has delivered a robust stress test methodology and a tough adverse scenario. The purpose of the exercise is to identify any remaining vulnerabilities in the EU banking sector in order to make it more resilient and to provide a high level of transparency on EU banks’ exposures.
Banking union, key to stabilising the European financial sector and reinforcing its integration
28/04/2014
"Banking union is probably our biggest joint project since the euro itself and an asset of the first order to overcome the fragmentation of financial markets". Speech by Commissioner Barnier at the joint ECB - European Commission conference on "Financial integration and stability in a new financial architecture."
Implementing Technical Standards with regard to supervisory reporting of institutions
16/04/2014
The European Commission has adopted (16/04) an implementing technical standard (ITS) which harmonises the content and format of data to be reported by 8'000 European banks to their supervisors in order to comply with the Capital Requirements Regulation (575/2013) and Capital Requirements Directive (2013/36) .
European Parliament adopts the updated rules for Markets in Financial Instruments (MiFID II)
15/04/2014
"These new rules will improve the way capital markets function to the benefit of the real economy. They are a key step towards establishing a safer, more open and more responsible financial system". Statement by Commissioner Barnier
Greater protection for retail investors: Commission welcomes European Parliament adoption of strengthened European rules on UCITS
15/04/2014
"With this vote, we have taken another important step towards making financial products safer and re-establishing investor confidence, a pre-requisite for investment and economic growth in Europe". Statement by Commissioner Barnier.
The right investment to suit your needs: basic information leaflet will help retail investors make the right choice
15/04/2014
"European consumers need a clear and understandable explanation on how they invest their savings. […] The broad coverage of the Key Information Document aims to ensure that […] the consumer can compare different investment proposals". Statement by Commissioner Barnier.
European Parliament adopts the Directive on payment accounts
15/04/2014
"With these new rules we intend to make a real difference in the lives of millions of EU citizens. Improving the transparency and comparability of fees in the payment accounts [...] will enable consumers to benefit from better offers and lower costs for their payment accounts. Universal access to basic payment accounts will encourage more people to profit from the new opportunities which derive from them". Statement by Commissioner Barnier
European Parliament back Commission’s proposals on completing the banking union
15/04/2014
“The EU has delivered. Thanks to the assiduous work of the co-legislators, we have gone from a skeleton Banking Union to the final framework in less than two years”. Statement by Commissioner Barnier after the vote of the European Parliament on Commission’s proposals for completing the banking union (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive).
Finalising the Banking Union: European Parliament backs Commission’s proposals (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive)
15/04/2014
"The EU has lived up to its commitments. Thanks to the assiduous work of the co-legislators, we have turned the idea of a Banking Union into reality in less than two years".
Safer and more efficient securities settlement: Commission welcomes European Parliament vote
15/04/2014
"The new Regulation will ensure that settlement is carried out in a safer and more efficient manner in Europe"
Informal ECOFIN Council: speech by Commissioner Barnier
01/04/2014
“The economy is restarting, we have constructed a regulatory architecture to draw lessons from the crisis and protect taxpayers [...] We must now accelerate recovery, and for that you need fuel, it is necessary that businesses and consumers find credit to finance their projects”. Introductory remarks by Commissioner Barnier at the press conference on the informal ECOFIN meeting in Athens.
European Parliament and Council back Commission’s proposal on a Key Information Document covering retail investments
01/04/2014
"European consumers need a clear and understandable explanation on how they invest their savings. […] The broad coverage of the Key Information Document aims to ensure that […] the consumer can compare different investment proposals". Statement by Commissioner Barnier.
European Parliament and Council back Commission’s proposal on a Key Information Document covering retail investments
01/04/2014
"European consumers need a clear and understandable explanation on how they invest their savings. […] The broad coverage of the Key Information Document aims to ensure that […] the consumer can compare different investment proposals". Statement by Commissioner Barnier.
Turning a corner in financial services
01/04/2014
“Over the last four years, you have heard a lot about new rules, new structures. [...] We are nearing the end of the rule-making phase and entering a period of implementing and enforcing those rules”. Speech by Commissioner Barnier at the EUROFI High Level Seminar 2014.
EU-Japan High Level Meeting on Financial Issues
28/03/2014
The annual EU-Japan High Level Meeting on Financial Issues was held in Brussels today. This year’s meeting provided an important opportunity for senior officials from both sides to exchange views on the recent regulatory developments in the financial sector.
Commission roadmap to meet the long-term financing needs of the European economy
27/03/2014
The European Commission has today adopted a package of measures to channel funds to the real economy, in particular to long-term investment. The package includes a communication on the long-term financing of the economy, a legislative proposal for new rules for occupational pension funds and a communication on crowdfunding.
Future of pensions: a major challenge for social cohesion and economic dynamism in Europe
26/03/2014
“Many Europeans who worked hard all their life end up with too low pension benefits to ensure a decent quality of life. If nothing is done, we all know that this situation is likely to deteriorate, particularly as a result of demographic changes. [...] Pension schemes [...] all over Europe, will have to adapt in order to meet these challenges”. Speech by Commissioner Barnier at the European Commission conference on pensions.
European Parliament and Council back Commission’s proposal for a Single Resolution Mechanism: a major step towards completing the banking union
20/03/2014
“Today’s compromise allows us to complete the architecture of the banking union for the eurozone. (...) Together with the reforms to the financial sector for all 28 countries, the completed banking union will put an end to the era of massive bailouts. It will further contribute to the return to financial stability thus creating the right conditions for the financial sector to once again lend to the real economy which is essential to consolidate the economic recovery and to create jobs”. Statement by President Barroso and Commissioner Barnier.
European Parliament and Council back Commission proposal on right of citizens to a basic bank account
20/03/2014
“In today’s world, not having access to a basic bank account makes it difficult and more expensive to participate in everyday life – paying the electricity bill or receiving a salary for example. Today’s agreement brings us a step closer to finally giving all European citizens access to a basic bank account, enabling them to participate fully in society and take advantage of the benefits of the Single Market”. Statement by Commissioners Barnier and Mimica.
Reaching an agreement on the Single Resolution Mechanism is our top priority
18/03/2014
Structured dialogue at the Economic and Monetary Affairs Committee of the European Parliament: introductory remarks by Commissioner Barnier.
The Commission adopts nine Regulatory Technical Standards (RTSs) to implement the single rule book in banking
13/03/2014
The European Commission has adopted a package of Regulatory Technical Standards (RTS) needed to implement important provisions of the Capital Requirements Regulation and Directive (CRR/CRD). The nine RTS adopted today define the ways in which competent authorities and market participants must handle disclosures linked to securitisation instruments, measure potential losses from derivative positions and counterparty failure, as well as specifying the types of instruments that can be used for paying bonuses.
Statement by Commissioner Barnier following ECOFIN meeting on Single Resolution Mechanism
11/03/2014
“Today, we made progress on a number of elements (...) However, on the issue of ‘who pushes the button’, the Council decided not to change the balance of roles between the Council and Commission”. Statement by Commissioner Barnier following the Economic and Financial Affairs Council of 11.03.2014.
Commissioner Barnier welcomes European Parliament adoption of the “Omnibus II” Directive
11/03/2014
The European Parliament adopted in plenary today the “Omnibus II” Directive that completes the “Solvency II” Directive and finalises the new framework for insurance regulation and supervision in the EU. "This long-awaited and vital reform is on the brink of becoming reality" said Commissioner Barnier.
Statements by Commissioner Barnier on the Single Resolution Mechanism
11/03/2014
“Banking union depends on having its second pillar, the single resolution mechanism, in place”. Statement by Commissioner Barnier following the meeting of 10 March between ministers of finance and European Parliament representatives and introductory remarks at the ECOFIN Council of 11 March.
Commission adopts technical standards for the identification of material risk takers subject to the rules on remuneration in the Capital Requirement Directive (CRD IV)
04/03/2014
The European Commission has today adopted Regulatory Technical Standards on criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile. These standards supplement the requirements of the Capital Requirements Directive (CRD IV) and will ensure that the CRD rules on remuneration are applied consistently across the EU.
European Parliament and Council back Commission proposal for strengthened European rules on UCITS
25/02/2014
“This agreement (...) will ensure that the abuses seen at the time of the Madoff scandal cannot be repeated. We must always remember that the UCITS framework is widely viewed as a gold standard for fund regulation globally, and it is important to maintain this”. Statement by Commissioner Barnier.
From responding to the crisis to defining new ambition for European Commission
20/02/2014
“Although the worst of the financial and economic crisis is behind us, we still have a social and political crisis. The time has come to set out a new vision for Europe, to deepen the integration of the euro area, relaunch the co-ownership of the single market, invest jointly in our future, and give Europe the means to really count on the world stage.”. Speech by Commissioner Barnier at the 12th annual Financial Services Conference.
ECOFIN Council: discussions on the Single Resolution Mechanism
18/02/2014
“We can (...) certainly improve the decision-making processes that are too complex and too heavy under the current compromise”. Intervention by Commissioner Barnier at the ECOFIN (Economic and Financial Affairs) Council.
Statement by the CFTC and the European Commission on progress relating to the implementation of the 2013 Path Forward Statement
12/02/2014
Mark Wetjen, acting Chairman of the United States Commodity Futures Trading Commission (CFTC) and European Commissioner Michel Barnier announced today that the CFTC and the European Commission have made significant progress towards harmonising a regulatory framework for CFTC-regulated swap execution facilities (SEFs) and EU-regulated multilateral trading facilities (MTFs), as contemplated under the Path Forward statement issued in July 2013. "This is an important further step in implementing a joined up, consistent global approach to ensure that financial markets work for the benefit of the real economy", said Commissioner Barnier.
Ετοιμη να φύγει μπροστά είναι η Ελλάδα [Greece is moving back up] – Interview
08/02/2014
Interview of Commissioner Barnier by Dimitrios Mitropoulos, Ta Nea
Directive on criminal sanctions for market abuse: Vice-President Reding and Commissioner Barnier welcome the vote by the European Parliament
04/02/2014
“Today the European Union is sending a clear signal: there must be zero tolerance for manipulators in our financial markets”. Statement by Vice-President Reding and Commissioner Barnier.
Commissioner Barnier welcomes the European Parliament vote on a transition period of 6 month for the migration towards SEPA
04/02/2014
"This transition period ensures that the smooth processing of payments for consumers and businesses will not be disturbed. The migration to SEPA credit transfers and SEPA direct debits is an important milestone in the completion of a European integrated payments market". Statement by Commissioner Barnier.
Structural reform of the EU banking sector
29/01/2014
The European Commission has proposed new rules to stop the biggest and most complex banks from engaging in the risky activity of proprietary trading. The new rules would also give supervisors the power to require those banks to separate certain potentially risky trading activities from their deposit-taking business. The Commission has also adopted accompanying measures aimed at increasing transparency of certain transactions in the shadow banking sector. “Today’s proposals are the final cogs in the wheel to complete the regulatory overhaul of the European banking system” said Commissioner Barnier. “The proposed measures will further strengthen financial stability and ensure taxpayers don’t end up paying for the mistakes of banks”.
Eigenhandel einschränken [Restricting proprietary trading] – Interview
27/01/2014
Commissioner Barnier explains his new plan for banking regulation. Interview by S. Wettach, WirtschaftsWoche
New rules on markets in financial instruments (MiFID II): Statement by Commissioner Barnier following the agreement in trilogue
14/01/2014
“I welcome the agreement reached today by the European Parliament and the Council on updated rules for markets in financial instruments (MiFID II). These new rules will improve the way capital markets function to the benefit of the real economy.”. Statement by Commissioner Barnier.
Deadline for SEPA migration: Commission introduces an additional transition period of six months (until 01.08.2014)
09/01/2014
The Commission has adopted a proposal to give an extra transition period of six months during which payments which differ from the SEPA format can still be accepted so as to ensure minimal disruption for consumers and businesses. The proposal does not change the formal deadline for migration 1 February 2014.
Trilogue agreement on criminal sanctions for market abuse directive: an unwelcome Christmas present for white collar criminals
20/12/2013
The European Commission has welcomed today’s political agreement by the European Parliament and the Council on the Commission’s proposal for a Directive on criminal sanctions for market abuse. Statement by Vice President Reding and Commissioner Barnier.
Central Securities Depositaries: Commissioner Barnier welcomes provisional agreement in trilogue
19/12/2013
“I welcome the provisional agreement reached this morning between the European Parliament and the EU Member States on new rules on securities settlement and central securities depositaries (CSDs) in the EU”. Statement by Commissioner Barnier.
Banking union: Council agrees general approach on Single Resolution Mechanism
19/12/2013
“Today is a momentous day for banking union. A memorable day for Europe’s financial sector. (...) Taxpayers will no longer foot the bill when banks make mistakes. We are ending the era of massive bail-outs”. Commissioner Barnier’s remarks at the ECOFIN Council press conference.
Commissioner Barnier's first intervention on the single resolution mechanism during the ECOFIN meeting
18/12/2013
“The proposals of the Presidency form a very good basis for further work and should give us the elements we need to reach an agreement today (...) We have some concerns regarding the credibility of the system. It will be the result of a negotiation but it must remain effective and understandable”. Speech by Commissioner Barnier at the ECOFIN Council.
Commissioner Barnier welcomes agreement between the European Parliament and Member States on Deposit Guarantee Schemes
17/12/2013
“Just a few days after the agreement on bank recovery and resolution, we are taking another important step towards completing the single rulebook on crisis management for credit institutions in the EU”. Statement by Commissioner Barnier.
Appointment of Danièle Nouy as first Chairperson of the Supervisory Board of the Single Supervisory Mechanism: statement by Commissioner Barnier
16/12/2013
“As Chair of the Supervisory Board of the SSM, Danièle Nouy will play a central role in the banking union. She is an excellent choice for the tough job ahead”. Statement by Commissioner Barnier.
Financing of the real economy: essential for a return to growth in Europe
13/12/2013
“Funding of the economy is one of the key elements in returning Europe to higher levels of growth, and is necessary to respond to the problems that many SMEs face in getting their businesses off the ground”. Speech by Commissioner Barnier at the fourth annual Entretiens du Trésor in Paris.
Commissioner Barnier welcomes trilogue agreement on the framework for bank recovery and resolution
12/12/2013
“I welcome the trilogue agreement reached tonight between the European Parliament and EU Member States on the Bank Recovery and Resolution Directive. This is a fundamental step towards the completion of the Banking Union”. Statement by Commissioner Barnier.
ECOFIN Council on the Single Resolution Mechanism package, the Bank Recovery and Resolution Directive and the Deposit guarantee schemes Directive
11/12/2013
“We have a mandate in order to be able to go forward in the key trilogues on the Bank Recovery and Resolution Directive and the Deposit guarantee schemes Directive. I hope that with this mandate, and thanks to the excellent work of the rapporteurs, we can come to a final compromise in the next few days”. Comments by Commissioner Barnier following the ECOFIN Council meeting.
Commissioner Barnier welcomes the European Parliament’s adoption of new rules on mortgages
10/12/2013
The European Parliament confirmed today its willingness to make the mortgage credit sector subject to heightened consumer protection measures at EU level by approving the new rules on mortgage credit lending.
Long-term financing, a requirement for a return to sustainable growth in Europe
04/12/2013
“I want to tell investors that it is time to look further forward, and to cease anxiously focusing on immediate events and instead invest in our future”. Speech by Commissioner Barnier at the Conference of the Caisse des dépôts et consignations (CDC) at the Committee of the Regions.
The evolving environment for insurance and pensions: state of play
20/11/2013
“Last week, the European Parliament and the Council finally reached agreement on the ‘Omnibus II’ Directive. (...) After more than 10 years of work, a world-leading regulatory framework will soon be in place”. Speech by Commissioner Barnier at the EIOPA Annual conference.
ECOFIN Council – Remarks by Commissioner Barnier
15/11/2013
“Today, we have made real progress on the second pillar of banking union, the Single Resolution Mechanism. (...) Reaching an agreement in 5 weeks is only possible if all Member States make compromises”. Remarks by Commissioner Barnier following the ECOFIN Council.
Bank resolution: Majority of States support key elements – Interview
15/11/2013
Finance ministers will talk today on the Single Resolution Mechanism (SRM) at their Council meeting. “A compromise can be reached before the end of the year”, Commissioner Michel Barnier said in an interview with Europolitics. Barnier added that a vast majority of States had backed him on the key elements of his proposal. Interview by Manon Malhère, Europolitics.
Commissioner Barnier welcomes trilogue agreement by Council and Parliament on the “Omnibus II” Directive
14/11/2013
“This agreement is a very important step towards the introduction of a modern and risk-based solvency regime for the insurance industry in Europe as of 1 January 2016, making it both safer and more competitive. In practice it makes the implementation of Solvency II possible”. Statement by Commissioner Barnier.
Restoring confidence in the EU
07/11/2013
“We sometimes get so caught up in addressing what is wrong with Europe that we forget to underline what we do well”. Speech by Commissioner Barnier at the European Policy Centre Annual Conference “Debate on the State of the Union”.
Three priorities for sustainable European banks in the real economy
30/10/2013
"Banks need to regain their ability to fully engage with their customers, by focusing again on the heart of their business: financing the real economy and taking on the risks inherent in this task." Speech by Commissioner Barnier at the European Savings and Retail Banking Group Conference.
Retail payments: a lever for inclusive and innovative growth in Europe
21/10/2013
"Retail payments are not simply a technical issue. Instead, they form an important lever for our response to the crisis." Speech by Commissioner Barnier at the joint conference ECB – Banque de France.
UK banks and the EU single market: What now?
17/10/2013
“We have no interest in undermining the UK. No interest in threatening London’s place as the largest European financial centre. We want to strengthen and integrate the single market, not weaken it”. Speech by Commissioner Barnier, BBA Annual International Banking Conference.
Council gives final approval for the Single Supervisory Mechanism, the first pillar of the Banking Union
15/10/2013
“This is a momentous step: the start of a new era for the supervision of Eurozone banks (...) But better supervision is not enough. A banking union also requires action to restructure non-viable banks when necessary. That is why the supervisory system needs to be complemented by an integrated European resolution system”. Statement by President Barroso and Commissioner Barnier.
The Handelsblatt interviews Commissioner Barnier
09/10/2013
Commissioner Barnier on the Banking Union in the eurozone and Franco-German relationships. Interview by Ruth Berschens, Handelsblatt.
Crowdfunding in the EU: exploring the added value of potential EU action
03/10/2013
Crowdfunding has the potential to bridge the financing gap many start-ups face and to stimulate entrepreneurship. The European Commission has today launched a consultation inviting stakeholders to share their views about crowdfunding: its potential benefits, risks, and the design of an optimal policy framework to untap the potential of this new form of financing.
Statement by Commissioner Michel Barnier on the application date of Solvency II
02/10/2013
“The Commission today at my request put forward a draft Directive postponing the application date of the Solvency II Directive to 1 January 2016 (...) I have always wanted rapid implementation of Solvency II. But the currently planned date is simply no longer tenable. We have therefore proposed this postponement in order to avoid any legal uncertainty”. Statement by Commissioner Barnier.
Commission proposes new measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals
18/09/2013
The Commission has today proposed draft legislation to help restore confidence in the integrity of benchmarks. A benchmark is an index (statistical measure), calculated from a representative set of underlying data, that is used as a reference price for a financial instrument or financial contract or to measure the performance of an investment fund.
If Europe wants, Europe can
16/09/2013
“At the beginning of my term, we set ambitious targets to address the lessons learnt from the financial crisis. Three and a half years later, we are on track. (...) However, there is still some way to go”. Speech by Commissioner Barnier at the Committee on Economic and Monetary Affairs of the European Parliament (ECON Structured Dialogue).
Five years after the collapse of Lehmans: what the EU has done to learn the lessons from the crisis, and what still needs to be done
14/09/2013
On 15 September 2008, Lehman Brothers filed for bankruptcy, bringing down the house of straw on which our financial system had been built. Five years on, we’re still not out of the woods. But we have done a lot to create the conditions in which Europe can grow once more. Commissioner Barnier explains what the EU has accomplished since 2008 to put the European financial sector back on its feet.
The G20 must remain committed to global implementation of financial reforms
13/09/2013
“There is no room for complacency: all G20 jurisdictions, including the EU, must remain committed to the timely, full and consistent implementation of agreed policies. Only then will we create a stable and integrated global financial system. Only then will we be able to prevent future crises”. Speech by Commissioner Barnier at the Eurofi Financial Forum, Vilnius.
A safer financial sector for the citizens
12/09/2013
"Germany's future lies in Europe. Not in a weaker Europe, but in a stronger European economic, monetary and political union. A union that will help us avoid a repeat of past crises – through better regulated financial markets". Speech by Commissioner Barnier for the opening of academic year, Centre for financial studies, Goethe University, Frankfurt.
European Parliament vote confirms the creation of the Single Supervisory Mechanism for the eurozone
12/09/2013
“I am extremely pleased that the European Parliament voted today to set up the Single Supervisory Mechanism, the first leg of the Banking Union”. Statement by President Barroso and Commissioner Barnier following the European Parliament’s vote.
European Parliament confirms its willingness to make the mortgage credit sector subject to heightened consumer protection measures
10/09/2013
“I welcome this important step towards strengthening consumer protection in the financial services area and towards completion of the Single Market. I hope that the European Parliament and the Council will now finalise the text as soon as possible so that the new rules will benefit consumers without delay”. Statement by Commissioner Barnier.
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