The coordinators of the political groups in the economic and financial affairs committee of the European Parliament have decided to draft a report about the work of the Troika in Greece, Portugal, Ireland and Cyprus. During the past month I worked hard to achieve this agreement and I am glad that the work will start […]
Financial market manipulation: Commission bows to London and gives up on European supervision of benchmarks
The European Commission today presented a legislative proposal on benchmarks used for commodities, interbank lending and exchange rates. The proposal is ostensibly aimed at addressing flaws in the current rules, which allowed the LIBOR and EURIBOR scandals to occur, however the Greens have expressed concern that the draft legislation will fail to deliver on this […]
Banking supervision: A leap ahead for Europe
Today a large majority in the European Parliament voted in favour of legislation to establish a new European banking supervision mechanism within the European Central Bank. After a year of wrangling about the details, the way was finally cleared for the adoption of the legislation on Tuesday, when an agreement on the details concerning the […]
EU banking union: Deal on democratic scrutiny could clear way for EU banking supervision system
Today a deal was struck between the presidents of the European Parliament and the European Central Bank on Parliament’s scrutiny role under the new European banking supervision mechanism. It is very likely that the political groups in the European Parliament will support this deal (1). Green finance spokesperson Philippe Lamberts, welcomed the outcome of the […]
Market abuse rules (LIBOR):
EP votes for tougher fines, more transparency and greater protection for whistleblowers
The European Parliament today voted on proposals to revise EU legislation on market abuse and insider trading, which were proposed in response to the LIBOR scandal. The Greens welcomed the outcome, notably provisions for tougher fines, more transparency and greater protection for whistleblowers, with Green finance spokesperson Sven Giegold stating: “The LIBOR scandal revealed major […]
Questions to the ESA chairs
In the Economic and Monetary Affairs Committee (ECON) I have been appointed rapporteur for the initiative report of the revision of the regulation of the supervisory authorities. A hearing with the three chairs of the of the European Supervisory Authorities (ESA) for banks (EBA), for insurances and occupational pensions (EIOPA) and securities and markets (ESMA) […]