Finance Watch response to the Consultation on the review of the European System of Financial Supervision

31 July 2013

Consultation response

Financial supervision in Europe is carried out by three European Supervisory Agencies (ESAs) agencies and a committee to address systemic risk. They are:

  • the European Banking Authority (EBA),
  • the European Securities and Markets Authority (ESMA),
  • the European Insurance and Occupational Pensions Authority (EIOPA),
  • the European Systemic Risk Board (ESRB).

After being in place for two years, the system is being reviewed by the European Commission, which launched a public consultation on the review of the European System of Financial Supervision in Q2 2013.

Finance Watch’s response to the consultation calls for, among other things:

  • more democratic accountability for ESAs, including European Parliament approval of key appointments,
  • more resources and budget autonomy for ESAs,
  • a review of ESA governance structures to address national biases,
  • a more central role for consumer interests,
  • longer consultation periods for technical consultations,
  • measures to reduce the over-representation of financial sector interests in stakeholder groups,
  • more funding and support for non-financial participants in stakeholder groups.