You can find out more about our latest work to review and reform the European System of financial supervision here. The system should be a key driver in ensuring the financial stability and proper functioning of the EU markets. This means finding the right structure for the European Supervisory Authorities, providing them with sufficient powers and the resources to use them effectively.
More of these resources need to be directed to properly protecting consumers. The authorities must also be able to prohibit financial activities that lead to consumer detriment. Looking across the system as a whole, a more consistent and harmonised approach to systemic risk in needed. The purpose of finance goes beyond prudential supervision and consumer protection. The authorities should therefore have a key role in ensuring that our financial system is sustainable.