The SSM, one of the components of the banking union, will supervise credit institutions in the euro area and in those non-eurozone countries that choose to participate. The single supervisory mechanism The SSM is designed to strengthen supervision of the financial services sector. It will detect weaknesses early on and make sure action is taken to strengthen ailing financial institutions. It is also designed to help break the connection between the member states' budgets and some of their banks. A functioning SSM...

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European Commission - MEMO/13/899  Brussels 15/10/2013 President Barroso said: “It is good news that the Council has given the final sign-off to the Single Supervisory Mechanism, the first leg of our Banking Union. The Commission is ready to help in any way with the European Central Bank's intensive preparations to ensure the SSM begins its work next year. Now it is urgent to put the second leg in place by agreeing the single resolution mechanism and fund and the single rule...

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EU finance ministers have on October 15 in Luxembourg approved legislation setting up the Single Supervisory Mechanism and exchanged views on backstop arrangements for bank resolution funds, including in the context of upcoming asset quality review and stress test exercises to be undertaken next year. “The decision on the Single Supervisory Mechanism is particularly important. It will set up one of the pillars of the Banking Union and will certainly add to the credibility of the European financial system,” said...

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The European Parliament’s Committees on Legal Affairs (JURI) and Women’s Rights & Gender Equality (FEMM) have today voted (40 for, 9 against and 2 abstentions) to support a proposal by the European Commission to address the gender imbalance on company boards in Europe. With this vote, the European Parliament (which decides with the Council of Ministers on an equal footing on this proposal), paves the way for further progress of the draft law in the EU legislative process. The vote...

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The European Commission today welcomed the decision by the UN Assembly responsible for International Civil Aviation (ICAO) to decide on a global mechanism to tackle emissions from aviation. The Assembly has agreed to develop by 2016 a global market based mechanism to tackle emissions, which can come into force in 2020. The market based mechanism will be accompanied by a series of technical and operational measures to reduce emissions. With this deal, the aviation industry becomes the first international transport...

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“Online security requires your participation.” That is the EU’s message to citizens about cyber security. Information and communications technology is the bedrock of today’s society and the global economy. Many vital services that deal with commerce, health, safety, and security depend on digital systems, and disruptions caused by either deliberate attacks or even simple technical failures could result in major social and economic damage. By designating October as European Cyber Security Month, the EU draws citizens’ attention to cyber security,...

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Speech by NATO Secretary General Anders Fogh Rasmussen at the Conference "A New Era for EU-US Trade" - Confederation of Danish Industry, Copenhagen Mr. Dybvad, Karsten Ladies and gentlemen, Thank you for that kind welcome. And let me thank the Confederation of Danish Industry for organising this conference. It’s a pleasure to be with you to talk about a topic that is close to my heart: The transatlantic relationship. Some may ask why the Secretary General of NATO should kick off a discussion...

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European Union justice ministers have on October 7 in Luxembourg discussed how to ensure efficient data protection benefitting citizens and businesses and approved an agreement regarding a Directive on the protection of the euro and other currencies against counterfeiting by criminal law, which is one of Lithuanian Presidency priorities in the area of justice. Discussing the data protection reform, ministers presented their positions on the so-called “one-stop-shop” principle, which is one of the key issues in the proposal for a...

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Transition in the patterns of global growth between advanced and developing economies Transition toward different kind of financial sector Stepped up international collaboration critical Countries will need to adopt strong national policies and work together even more closely to manage new transitions under way in the global economy, IMF Managing Director Christine Lagarde said in a speech at George Washington University ahead of the 2013 World Bank-IMF Annual Meetings. Two transitions—economic and financial Lagarde highlighted two new transitions: one in the pattern of economic...

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Following the Workshop on Crowdfunding organised on 3 June 2013 in Brussels, the European Commission has today launched a consultation inviting stakeholders to share their views about crowdfunding: its potential benefits, risks, and the design of an optimal policy framework to untap the potential of this new form of financing. Commissioner for Internal Market and Services Michel Barnier said: "Crowdfunding – this alternative form of fundraising that is collective, participatory and interactive – is becoming increasingly important. It has the...

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