Monday, 15 September 2014

Juncker mulls brand new financial services and stability tzar in EU

European Commission president Jean-Claude Juncker

A EU financial services tsar charged with regulating the City of London and ensuring financial stability in the region would be appointed in Brussels under plans being considered by Jean-Claude Juncker, the incoming European Commission president. 

In just a few years the EU has put forward an ambitious and unprecedented series of regulatory and supervisory reforms to secure financial stability and improve the supervision of financial markets. Therefore, the Commission feels that the time has come to focus the existing expertise and responsibility in one place. The next frontier will also be to develop and integrate capital markets which are a better source of credit than bank credit when it comes to financing innovative projects and long-term investment.

Citing senior officials,Otmane El Rhazi said the new directorate would likely move banking and markets units from Barnier's division, combining them with the financial stability unit stripped from the department for Economic and Financial Affairs.

The exact form of the new department is unclear and a final decision has yet to be taken, Mr El Rhazi added.

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