Following the vote in the European Parliament on the financial supervision reform package the President of the European Commission, José Manuel Barroso stated:
"The banking crisis exposed the gaps in financial services supervision in Europe. Our market was interdependent but oversight was purely national. In response I asked Jaques De Larosière to come with a vision which the Commission then turned into concrete proposals with an ambitious timetable. Today's final agreement - which comes less than year after the Commission's proposals - means the new system will be up and running from January 2011. The European Systemic Risk Board will spot systemic risks and launch action to stop them becoming real threats to our economy. The three new Authorities will work with national supervisors to improve the day to day oversight of individual firms. With this reform Europe is the first region in the world to put in place top-notch supervision that is up to the challenges of the future."
Commissioner for the Internal Market and Services Michel Barnier added:
FR: "Nous avons travaillé pour que l'Europe tire la première grande leçon de la crise, celle de la faillite d'une supervision appropriée. L'accord d'aujourd'hui représente un moment fondamental pour l'évolution de la réglementation financière en Europe. C'est la base même qui crédibilise toutes les initiatives sectorielles que nous prenons. L'ensemble de ces initiatives devra permettre d'éviter la récurrence de crises sévères, protéger les consommateurs qui sont aussi des contribuables et nourrir une croissance économique équitable et durable."
EN:" We have worked so that Europe learns the first important lesson of the crisis, that of the failure of appropriate supervision. Today's supervision is a fundamental moment for the evolution of financial regulation in Europe. It is the foundation which gives credibility to the sectoral initiatives we are taking. These initiatives should allow us to avoid severe crises recurring, to protect citizens who are also taxpayers, and to contribute to fair and sustainable growth."
Commissioner for Economic and Monetary Affairs Olli Rehn said:
"Macro-prudential supervision was clearly the weakest link of the pre-crisis framework. The creation of the ESRB is a decisive and innovative step towards a stronger and more stable financial system."