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THE HIGH-LEVEL GROUP ON FINANCIAL SUPERVISION IN THE EU

In the years leading up to the current financial crisis, risks built up dangerously in our financial system. Rising asset prices, particularly in housing, concealed a sharp deterioration of underwriting standards for loans. The nation’s largest financial firms, already highly leveraged, became increasingly dependent on unstable sources of short- term funding. In many cases, weaknesses in firms’ risk-management systems left them unaware of the aggregate risk exposures on and off their balance sheets. A credit boom accompanied a housing bubble. Taking access to short-term credit for granted, firms did not plan for the potential demands on their. | THEHIGH-LEVEL GROUP I ON 1NANCIAL SUPERVISION INTHEEU Â Chaired by Jacques de Larosière REPORT. 34 Brussels 25 February 2009 The de Larosière Group Jacques de Larosière Chairman Leszek Balcerowicz Otmar Issing Rainer Masera Callum Mc Carthy Lars Nyberg José Pérez Onno Ruding Secretariat of the Group David Wright Rapporteur DG Internal Market Matthias Mors Secretariat DG Economic and Financial Affairs Martin Merlin Secretariat DG Internal Market Laurence Houbar Secretariat DG Internal Market 1 TABLE OF CONTENTS AVANT-PROPOS.3 DISCLAIMER.5 INTRODUCTION.6 CHAPTER I CAUSES OF THE FINANCIAL CRISIS.7 CHAPTER II POLICY AND REGULATORY REPAIR.13 I. INTRODUCTION.13 II. THE LINK BETWEEN MACROECONOMIC AND REGULATORY POLICY .14 III. CORRECTING REGULATORY WEAKNESSES.15 IV. EQUIPPING EUROPE WITH A CONSISTENT SET OF RULES.27 V. CORPORATE GOVERNANCE.29 VI. CRISIS MANAGEMENT AND RESOLUTION.32 CHAPTER III EU SUPERVISORY REPAIR.38 I. INTRODUCTION.38 II. LESSONS FROM THE CRISIS WHAT WENT WRONG .39 III. WHAT TO DO BUILDING A EUROPEAN SYSTEM OF SUPERVISION AND CRISIS MANAGEMENT. 42 IV. THE PROCESS LEADING TO THE CREATION OF A EUROPEAN SYSTEM OF FINANCIAL SUPERVISION. 48 V. REVIEWING AND POSSIBLY STRENGTHENING THE EUROPEAN SYSTEM OF FINANCIAL SUPERVISION ESFS . 58 CHAPTER IV GLOBAL REPAIR.59 I. PROMOTING FINANCIAL STABILITY AT THE GLOBAL LEVEL.59 II. REGULATORY CONSISTENCY.60 III. ENHANCING COOPERATION AMONG SUPERVISORS.61 IV. MACROECONOMIC SURVEILLANCE AND CRISIS PREVENTION.63 V. CRISIS MANAGEMENT AND RESOLUTION.66 VI. EUROPEAN GOVERNANCE AT THE INTERNATIONAL LEVEL.67 VII. DEEPENING THE EU S BILATERAL FINANCIAL RELATIONS.67 ANNEX I MANDATE FOR THE HIGH-LEVEL EXPERT GROUP ON FINANCIAL SUPERVISION IN THE EU.69 ANNEX II MEETINGS OF THE GROUP AND HEARINGS IN 2008 - 2009.70 ANNEX III AN INCREASINGLY INTEGRATED SINGLE EUROPEAN FINANCIAL MARKET. .71 ANNEX IV RECENT ATTEMPTS TO STRENGTHEN SUPERVISION IN THE EU. 75 ANNEX V ALLOCATION OF COMPETENCES BETWEEN NATIONAL SUPERVISORS AND THE AUTHORITIES