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Independence and resources of European Supervisory Authorities: EP demands assurances from Council. Jean-Paul Gauzès MEP

Date

01 Feb 2011

"The Council must commit itself to guaranteeing the independence and autonomy of the Chairmen of the European Financial Supervisory Authorities. It must provide these three Authorities; the Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA) with the financial and human resources that will enable them to fulfil mission given by the legislation that regulates them", said Jean-Paul Gauzès MEP, EPP Group spokesman on economic and monetary affairs on Tuesday following the hearing, by Members of the Economic and Monetary Affairs Committee, of the three appointed Chairmen of the new European financial supervisory Authorities.

"During the negotiations on the 'Financial Supervision Package', we have been fighting to strengthen the prerogatives of the European Supervisory Authorities. We strongly oppose those who are still trying to unravel attempts to develop a truly efficient European supervision system."

"The hierarchical positioning of the Supervisory Authorities' Chairmen in the EU framework, and the modalities for their designation should not lead to putting them de facto in an inferior position", Mr Gauzès underlined.

"The European Parliament has, on that matter, limited powers to ensure that the rules are not circumvented. However, it still has the possibility to express its opposition to the nominations, not because of the possible personal insufficiencies of the chosen candidates but because of the lack or real assurances regarding the position that they will concretely be offered."

"Therefore, I have requested to set up a condition to our confirmation of the nominations: we request a formal declaration from the Council. Precise and encouraging assurances should be given to the Parliament before it makes its decision. It is up to the Council to give these assurances, bona fide, because it is in the interest of financial stability and the prevention of future crises", Jean-Paul Gauzès concluded.

(translation from the original French)

For further information:
Jean-Paul GAUZÈS MEP, Tel: +32-2-2847700
Marion Jeanne, EPP Group Press & Communications Service, Tel: +32-479-840293

Notes to Editors:
The EPP Group is by far the largest political group in the European Parliament with 265 Members.

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