Towards more responsibility and competitiveness in the European financial sector

The European Commission has published a booklet containing information about action which it has taken, or plans to take to improve the stability of the financial system and make it more transparent and responsible. From January 2011, the EU has three new European Supervisory Authorities covering banking, insurance, occupational pensions and securities. A European Systemic Risk Board has also been established to provide early warning of risks as they develop.

With regard to responsible lending, the Commission has announced that it will propose legislation on responsible lending and borrowing. It is also proposed that a revision of the Capital Requirements Directive with be proposed in the first quarter of 2011. Both of these proposals could impact on the property market and so will be of concern to property professionals.

All the measures proposed are planned to be in place by the end of 2012. A copy of the booklet is available here