Annexes to COM(2008)122 - Europe's financial system: adapting to change - Contribution of the Commission to the European Council

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dossier COM(2008)122 - Europe's financial system: adapting to change - Contribution of the Commission to the European Council.
document COM(2008)122 EN
date January  1, 1945
agreement between the Commission, the Council of Ministers and the European Parliament to deliver the necessary legislative changes (e.g. amendment of the Capital Requirements Directive) before April 2009 – and agree on rapid implementation.

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Current economic pressures pose a challenge to growth and jobs – in Europe, and worldwide. Policymakers and regulators need to remain alive to changing circumstances, to be ready to adapt and to choose the right response at the right moment. The European Union has proved its ability to develop the prudential rules needed and to oversee a vibrant financial market in Europe. It has strengthened the fundamentals of the economy and is better placed to withstand the financial turmoil and limit the effect on growth. It can best retain the confidence of market operators and consumers alike by remaining vigilant and determined at times of added stress in the financial markets, working with international partners to identify weaknesses and to address these swiftly and effectively. The Commission will continue to play its role in promoting financial stability by coming forward with proposals as needed.

[1] This work takes place in the Lamfalussy L3 Committees.