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The biggest issue is the reform of financial services regulation.
The creation of European Supervisory Authorities (ESAs) in the areas of banking, insurance and securities, and the European Systematic Risk Board (ESRB) is at an advanced stage, as is the Alternative Investment Fund Managers’ Directive (AIFM). The European Council and the European Parliament’s economic and monetary affairs committee (ECON Committee) have set a timetable that would see these bodies fully operational by the end of 2010. The four leading political groupings in the EP have said that the reforms do not go far enough, and the EP will doubtless seek to strengthen the powers of the ESAs.
- Strongly supports the creation of a proportional and effective EU regulatory structure
- Support regulatory cooperation between the EU and the USA