S&D Group Plans Even Tougher Financial Regulation

After the European Parliament today gave a green light to tough new controls over financial markets, Udo Bullmann, economic affairs spokesman for the S&D Group, welcomed the decision and said: “This is the first step towards even stricter rules.”

Three new supervisory bodies will be set up at the beginning of next year covering the supervision of financial services, the banking system and insurance. A European Systemic Risk Committee will also be created under the authority of the president of the European Central Bank.

Said Mr Bullmann: “The European Parliament led the battle to persuade member states to give real powers to European regulators. They will, for instance, be able to ban high risk financial products from the market. This will apply in sectors governed by EU law but also at times of crisis. This is a major achievement but more will need to be done in the future.

“The S&D group will work with the Council to plug gaps in regulation particularly as far as hedge funds and private equity, derivatives and short selling are concerned. We do indeed have an ambitious task ahead of us.”