European Commission (EC)
Hungary told to lift cap on central bankers’ pay
European Commission says Hungary could face legal action if it does not lift salary cap on central bank employees
Trichet to be first head of European Systemic Risk Board
European Central Bank president Jean-Claude Trichet will chair continent’s new systemic risk board until the end of his term; proposal reflects compromise between parliament and national governments
MEPs win out on powers for new European supervisory bodies
Pan-European authorities will have the power to impose emergency measures and intervene with financial institutions, after parliamentarians gained ground in compromise agreement
Payments providers split over Sepa end dates
Comments released by the European Commission show that European institutions and banking associations disagree over Sepa proposals to seperate end dates
IMF: European debt measurements misleading policies
Fund study says European Union spending cuts neglect impact of policies on future
EU’s Barnier: paradigm shift in regulating OTC derivatives
European Commission commissioner for internal market and services Michel Barnier says concept of light touch regulation is history
Brussels will drain London banking sector: top bankers
HSBC chair Stephen Green warns that European legislation will eradicate London’s competitive edge as a financial centre; says Basel III will curb trade finance
Europe hikes capital rules, slashes banker bonuses
Legislation adopted by European Parliament requires banks hold up to four times more capital to protect against trading risk; half of bankers’ bonuses to be paid in contingent capital
Trichet on World Cup: I don't mind who wins
Jean-Claude Trichet refuses to declare favourite as two eurozone members vie to scoop soccer's top prize
ECB attacks Bucharest over central bank pay cuts
European Central Bank criticises Romania’s decision to impose wage cuts on central bankers after its government failed to consult Frankfurt
Klaus Regling to head euro bailout vehicle
German economist and former director general Klaus Regling to head European Financial Stability Facility set up to bail out troubled eurozone states
EU faces tough call on sovereign scenarios for stress tests
European Union officials split on whether to run sovereign debt scenarios on stress tests; plans afoot to extend number of banks tested
Trichet: European Union needs to adopt sanctions to curb spending
ECB president Jean-Claude Trichet proposes sanctions against countries that overspend in order to fulfill obligations of new crisis management institution under review
Top economists call for central banks to oversee financial stability
Leading thinkers including former Federal Reserve Board governor Frederic Mishkin say central banks should watch financial stability; set of crisis prevention proposals include limits on bankers’ pay
Europe raring to go on CDS rules, bank taxes
Brussels praises the political dynamic behind move for tightened financial regulation as French president Nicolas Sarkozy and German chancellor Angela Merkel call on Commission to speed up work
Eurozone seals deal on bailout fund
European finance ministers come to agreement on bond guarantee facility to support continent’s crisis-hit countries; bond markets reassured by move
G20 ditches controversial global bank tax
Finance ministers splinter on international banking levy, complicating individual countries’ promises to adopt a tax; group unites in call for Basel III to be completed by year-end
Sepa Council members meet for first time
Industry and central bank leaders meet to discuss end dates for migration and future of Sepa for cards at first official council meeting
Brussels calls for European ratings supervisor
European Commission proposes new body to oversee all credit ratings agencies operating in the European Union; security issuers must provide information to all agencies to boost competition
Barroso moots European ratings agency
European Commission president's calls echo those of Michel Barnier; says proposals will be released in September
Brussels backs bank tax to fund new resolution network
European Commission calls for a network of resolution funds to bear cost of winding down firms; cost covered through levy on lenders
Malta's Bonello: Basel II amendments ambitious and far-reaching
Central Bank of Malta governor discusses new proposals to amend the Basel II requirements following lessons from financial crisis
Europe to place CDS markets under spotlight: Barnier
European commissioner Michel Barnier says legislation in works requiring credit default swaps to be registered and made fully transparent; follows criticism of investors from European leaders
Estonia poised for euro entry, exports lead recovery
Bank of Estonia sees output helped by export upswing the day before Brussels decides on euro accession