ECOFIN’s stance on CRDIV
By Selwyn Blair-Ford - Head Of Global Regulatory Policy at Wolters Kluwer Financial Services’ FRSGlobal
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On 15th May 2012, the Council of the European Union, through the Economic and Financial Affairs Council (ECOFIN) reached an agreement on the package of measures that will implement Basel III throughout the European Union – commonly known as CRD IV. The next step is with the European parliament and the European Commission to negotiate with the European Council further before it becomes law – however this latest development gives a good indication into what the final outcome could be.
At the heart of the whole process is the need to ensure that the regulatory failures that contributed to the financial crisis are properly dealt with. But more specifically, there has also been the objective to establish a single rulebook in banking in order to create a single uniform market, and to reinforce the ability of the union and member states’ ability to protect their economies from potential banking failures.
There were a number of controversial measures that were originally proposed (and consequently disputed) within CRD IV. The final ECOFIN decision was unanimously agreed by all 27 countries. (more...)
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