Newsletter May 2005: EU seeks ways to streamline financial supervision

BRUSSELS – The European Commission has signalled its intention to consider ways to streamline the supervision of cross-border financial institutions within the 25-nation EU bloc. In its Green Paper on Financial Services Policy over the next five years, published on May 3, the Commission sets out a series of steps to increase supervisory convergence in Europe, bring greater clarity to the roles of supervisors, identify gaps in supervision and examine impediments to the more extensive use of “consolidated” (or “lead”) supervision.