Lannoo, Karel. (2009) A bit more clarity, please, M. de Larosière. CEPS Commentaries, 3 March 2009. [Policy Paper]
Abstract
This Commentary assesses the report by the high-level group on financial supervision, chaired by former IMF Managing Director and Bank of France Governor Jacques de Larosière. The author, CEPS CEO Karel Lannoo, finds that the group’s recommendations offer a useful first step, but that its proposals need to be clarified and simplified, and their implementation accelerated. In his view, the report should lead to a clear roadmap to be adopted by the EU Council and some choices need to be thought through more carefully, procedures more fully specified and structures elaborated. Moreover, he advocates amending the EU Treaty to establish a European System of Financial Supervisors – a question carefully avoided by the report.
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