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CEBS Conference 2007 Summary

Core Content

The CEBS Conference held on 9 May 2007, addressed the future challenges facing the Committee on the European Banking System (CEBS) in the context of evolving financial regulations and market dynamics. The speech delivered by Pervenche Berès, Chairman of the ECON Committee of the European Parliament, emphasized the need for CEBS to adapt and enhance its role in supervising the European financial system.

Main Challenges Identified

1. Consistency of Implementation

• Priority: Ensuring consistent application of EU financial services legislation across member states remains a top priority.
• Progress: While significant progress has been made, there is still substantial work to be done.
• Need: Improving working methods, transparency, and consultation processes to develop guidelines based on best practices, not just compromises.

2. Basel II Implementation

• Status: Basel II is not yet fully implemented and will have a major impact in 2008 with the introduction of advanced approaches.
• Role of CEBS: CEBS has a crucial role in achieving a global level-playing field for Basel II implementation.
• International Cooperation: Enhanced dialogue with US regulators is necessary to address discrepancies in the implementation timelines and standards between the EU and the US.

3. Evaluation of Lamfalussy Framework

• Focus: The 2007 conference is a key opportunity to evaluate the efficiency of the Lamfalussy framework.
• Objectives: To identify real needs and preconditions for CEBS and other Level 3 committees (CESR and CEIOPS).
• Goals: Foster convergence of supervisory practices, build a common supervisory culture, and develop and apply common supervisory practices.

4. Implementation of the "Francq" Report Recommendations

• Recommendations: The "Francq" report proposed several important recommendations, including the establishment of a mediation mechanism and the delegation of powers.
• Challenge: CEBS must focus on implementing these recommendations effectively and making them operational.

Additional Observations

Market Consolidation

• Trend: The European financial markets are undergoing significant and unprecedented consolidation.
• Concerns: This consolidation raises concerns about the uneven growth of derivatives markets, the increasing size and influence of hedge funds and private equity, and their potential systemic implications.

Financial Stability and Supervision

• Risk: Structural changes and increased linkages have made financial markets more vulnerable to crises that could spread more rapidly across borders.
• Need for Cooperation: Strengthening supervisory cooperation, information exchange, and promoting high European supervisory standards is essential.
• Cross-Sectoral Focus: As boundaries between financial sectors blur, there is a need for greater attention to cross-sectoral aspects and intensified dialogue with CESR and CEIOPS.

Conclusion

Pervenche Berès concluded that while market structures are consolidating, the supervisory structures are not keeping pace. This discrepancy raises important questions about the current supervisory architecture's ability to effectively supervise cross-border financial groups and the sustainability of the current system. The ECON Committee is actively engaged in these discussions and supports CEBS in addressing these challenges. The speech emphasized the importance of a more fundamental debate on the future of supervision in the EU, calling for collaboration between CEBS, the Council, and the European Parliament.

Key Information

• Date: 9 May 2007
• Speaker: Pervenche Berès, Chairman of the ECON Committee
• Key Themes: Consistency in implementation, Basel II challenges, evaluation of Lamfalussy framework, and implementation of the "Francq" report.
• Call to Action: CEBS must enhance its role in financial supervision and work closely with other regulatory bodies to ensure a stable and efficient financial system.