The struggle for implementing financial reforms that followed the credit and trust crisis continues to this day
We need clear answers on how we ran our global economic engine into the gutter and when we can see the economic and regulatory systems back on track
In spite of the many signals, none of the stakeholders in the financial services industry were able to identify and accurately assess the subprime crisis or the origins of the financial crisis. However, currently there are some key players trying to fix the mess and damage both the crisis did to our economy.
Financial Institutions continue to be at the center of the financial crisis, various other government institutions have bailed out failing banks and oversight authorities are pressing for additional controls, governance risk management and compliance.
We need to fully understand what the oversight authorities are doing to bring the crisis to an end and get an objective analysis as well as a practical plan for how we should move forward.
We enclose some of the latest as background information and reading on what the EU is doing to get the economic and regulatory systems back on track.
- High-level Expert Group on reforming the structure of the EU banking sector Chaired by Erkki Liikanen FINAL REPORT Brussels, 2 October 2012
- COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL A Roadmap towards a Banking Union European Commission COM(2012) 510 final 12.9.2012
- Banking Union: A Federal Model for the European Union with Prompt Corrective Action by Jacopo Carmassi, ASSONIME, Carmine Di Noia, ASSONIME and Stefano Micossi, Associazione italiana delle società per azioni CEPS Policy Brief, No. 282, 18 September 2012
- Why bank governance is different by Marco Becht, Patrick Bolton and Ailsa Roell Oxford Review of Economic Policy, Volume 27, Number 3, 2012, pp. 437–463
- Towards a genuine Economic and Monetary Union Report by Herman Van Rompuy, President of the European Council in close collaboration with: José Manuel Barroso, President of the European Commission, Jean-Claude Juncker, President of the Eurogroup, and Mario Draghi, President of the European Central Bank 5 December 2012