Opprettelse av Det europeiske råd for makroøkonomisk systemrisiko (ESRB)

Ansvarlig departement: Finansdepartementet

Saksområde: Finansielle tjenester: fri bevegelighet for kapital (EØS-avtalens vedlegg 12)

Sakstype: Forordning

Behandlende organ: EFTA/EØS: vurderer EØS-relevans og -innlemmelse

Pakke: Finanstilsynspakken

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BAKGRUNN (fra kommisjonsforslaget, engelsk utgave)

The current financial crisis has highlighted weaknesses in the EU's supervisory framework, which remains fragmented along national lines despite the substantial progress achieved in financial-market integration and the increased importance of cross-border entities. Against this background, President Barroso requested a group of high level experts, chaired by the former Managing Director of the International Monetary Fund (IMF), Mr. Jacques de Larosière, to make recommendations with a view to establishing a more efficient, integrated and sustainable supervisory framework.

The key recommendations of the de Larosière group focus on:

(i) Establishing a European Systemic Risk Board (ESRB) that would be responsible for macro-prudential oversight of the financial system within the Community in order to prevent or mitigate systemic risks, to avoid episodes of widespread financial distress, contribute to a smooth functioning of the Internal Market and ensure a sustainable contribution of the financial sector to economic growth.

(ii) Establishing a European System of Financial Supervisors (ESFS), consisting of a network of national financial supervisors working in tandem with new European Supervisory Authorities (ESAs), created by the transformation of existing European supervisory committees [1] in a European Banking Authority (EBA), a European Securities and Markets Authority (ESMA), and a European Insurance and Occupational Pensions Authority (EIOPA). The ESFS should be built on shared and mutually-reinforcing responsibilities, combining nationally-based supervision of firms with specific tasks at the European level. The ESFS would also foster harmonised rules and coherent supervisory practice and enforcement.

In March 2009, the Commission and European Council broadly endorsed the recommendations of the de Larosiere Group. On 27 May 2009, the Commission published a Communication on Financial Supervision in the EU, describing in detail how these recommendations could be put into effect, focusing in particular on the establishment of the proposed ESFS and ESRB. The Ecofin Council of 9 June 2009 adopted detailed conclusions, in which it agreed with the objectives laid down in the Commission Communication and stressed that financial stability, regulation and supervision in the EU must be enhanced in an ambitious way. The European Council of 18-19 June 2009 subsequently confirmed that the May Commission Communication and the Ecofin Council conclusions established the way forward in establishing a new framework for micro- and macro-prudential supervision. The European Council requested that the Commission should present all necessary proposals by early autumn 2009 at the latest so that the new framework would be fully in place in the course of 2010.

1 These are the Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Securities Regulators (CESR).