EUROFI has today sent a letter to the European finance ministers outlining its proposals on the main monetary and financial issues on the agenda of the French EU presidency.
EUROFI is holding its 2008 annual conference on the eve of a Eurogroup and Ecofin council at a time when strong measures are still needed to restore confidence in the global financial system.
A year after the subprime crisis burst, EUROFI 2008 annual conference will represent a unique opportunity for European politicians, central bankers, supervisors and industry representatives to discuss proposals to further strengthen European financial integration.
As the financial crisis deepens, EUROFI strongly believe that new steps forward are urgently needed to reinforce the European financial integration. EUROFI has suggested five main issues to be considered by the EU ministers :- Cross boarder financial institutions supervision. The shortcomings of a supervision on a country by country basis have been largely demonstrated during the course of the current financial crisis. Eurofi has put forward seven operational recommendations to improve cross boarder supervision of financial institutions in a European framework (see Fact Box)
- Efficient and innovative payment means. The Single European Payment Area (SEPA) project should provide an opportunity to promote efficient and innovative payment means and reduce the costly uses of cash.
- Creating a real single market for investment funds. The revision if the UCITS directive (UCITS IV) should be aimed at improving significantly cross-border fund distribution and processing inside the EU.
- Further integration of European securities infrastructures. Harmonizing the legal framework of securities and post-trading activities and rationalizing equities and bonds clearing at the EU level should be two key priorities.
- Reduce the obstacles to the development of micro-credit in Europe.
EUROFI has addressed its proposals to the 27 EU Finance ministers on those five key issues to ensure that a new step is reached in the achievement of a fully integrated European financial market.
