Chapter News, News

Preparation for the Extraordinary Economic and Financial Council of Ministers, 2 May 2012

The extraordinary Economic and Financial Council of Ministers will start on Wednesday 2 May at 10.00 hrs.

Proposal for a Directive on Capital requirements (CRD IV)
On 21 July 2011, the Commission tabled a proposal aimed at strengthening the resilience of the EU banking sector while ensuring that banks continue to finance economic activity and growth (IP/11/915).

The EU was the first jurisdiction in the world to publish its legislative proposal faithfully implementing the Basel III agreements that all G20 members have committed to adopt and implement. The Commission proposal aims to respect the timelines agreed in the Basel Committee, namely entry into force of the new legislation on 1 January 2013, with full implementation of all measures by 1 January 2019.

An exchange of views on the proposal is foreseen at the ECOFIN meeting. The Commission strongly hopes that the Presidency will obtain a negotiating mandate for the proposal from the Council in order to start the “trilogue” discussions between the Council, the European Parliament and the Commission with the objective of securing a rapid first reading agreement.

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