The European Commission launched a public consultation on Friday to strengthen pan-European financial supervision as a result of the turmoil in the world's financial markets.
"The financial turmoil has shown that we need to upgrade the current supervisory architecture, by implementing a series of practical, incremental and result-oriented initiatives that will strengthen European supervisory and stability arrangements," EU Internal Market and Services Commissioner Charlie McCreevy said.
Currently, financial supervision at the EU level is mainly carried out by three specialized committees, namely the Committee of European Securities Regulators (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
The three committees, established in 2001 in securities and in 2005 in banking and insurance, are composed of high-level representatives from EU member states' supervisory authorities, tasked to improve supervisory cooperation and convergence in the irrespective areas.
The Commission said the overall objective of the consultation was to align, clarify and strengthen the responsibilities of the three committees and to ensure their contribution to supervisory cooperation and convergence at EU level, and to the safeguarding of financial stability.
Based on the results of the consultation, which would end on July 18, the Commission is scheduled to present proposals before the end of this year.