Euro MEPs Call For Financial Authorities' Chiefs to Adopt a New Culture of Transparency

At public hearings of nominated leaders of new EU financial supervision authorities in Brussels today, S&D Euro MPs stressed the need for them to show independence and transparency while carrying out their new responsibilities.

Said S&D spokesman for economic and monetary affairs Udo Bullmann, committee vice-chair Arlene McCarthy and Rapporteur for the creation of EIOPA Peter Skinner: “The financial crisis left no doubt that we need a stronger system of European financial supervision to identify growing risks and to support cooperative action to tackle them.

“The birth of these new authorities is a crucial opportunity to establish a new culture in European supervision. For the Socialists and Democrats Group, transparency must be at the heart of this new culture. It is in the interests of the public and retail investors to have the highest standards of openness and transparency. It is critical that the authority makes public details of all meetings held between their staff and the industry, including who attended and what they are lobbying for.

“Equally, it is essential from the outset that the chairs of the ESAs are of the stature and capability to drive the success of the new authorities. S&D negotiators have been and will remain at the heart of efforts to ensure this is the case.”