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Wrangling over European supervisory framework rumbles on

Sunday 28 March 2010 - by Judith Becker


German MEP Sven Giegold (Greens/EFA), the rapporteur responsible for the European Systemic Risk Board, emphasised at the same meeting that the European Parliament has to be at the forefront in creating new rules.

This stance can partly be explained by the developments in Greece in the past few months, which made clear once again that better and more efficient supervision in the EU is needed. Member states would like to include a complex appeals procedure in cases where they disagree with the European Securities and Markets Authority’s decisions, for example restricting or banning certain practices. However, this appeals procedure would amount to a national veto.

The next few months will show if the EU institutions can find a compromise that all concerned can agree on. The plan at the moment is that the proposals should be adopted before the summer recess to be able to remain within the envisioned timetable. However, if the opinions do not converge, it seems unlikely that this will be achieved.



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