ECOFIN request a new architecture of financial regulation by December

We can talk a lot about the details of the exit strategy from the crisis, but success will depend on the construction of a new architecture of financial regulation, which must be carried out in December. It said the Swedish finance minister Andres Borg after the meeting of ECOFIN in Brussels. „The lack of such a decision will show that Europe can learn from the lessons of the recent financial crisis and will remain in a very problematic situation,“ categorical was the Finance Minister.

During the meeting they also discussed the changes to the directive on capital requirements, budget deficits and proposals for taxes on tobacco products.
Council of Ministers adopted the proposals for the Capital Requirements Directive III. This legal act is very important for banking regulation in the financial markets. Now, the directive will enter the European Parliament, where it received final approval. One of the key texts in the document is to curb bank bonuses.
Finance Ministers adopted and the proposal to change tax policy on tobacco products. Measures enshrined in a minimum level of tax on these products.
During the meeting of ECOFIN were discussed and the budget deficits of member states. Official opinion of the European Commission on this matter is expected later today.

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Finance