Brussels, 13/09/2010 (Agence Europe) - On Monday 13 September, in his presentation of the Belgian Presidency's priorities for economy and finance (to MEPs from the economic and monetary affairs committee), the Belgian minister for finance, Didier Reynders, gave his support to the possibility of organising, “at regular intervals, once or twice a year”, stress tests for both the banks and other institutions from the financial sector, such as insurers. According to the minister, if these stress tests allow for a comparison with jurisdictions outside the EU to be made of the capacity of European financial institutions to resist further turbulence, the criteria on which these tests are based should be comparable.
Hedge funds. Jean-Paul Gauzès (EPP, France), the rapporteur on the draft directive framing hedge funds, alluded to the most recent inter-institutional meeting on this dossier, last week, which allowed for a definition to be made for the two major subjects still pending: how to tackle private equity and the question of third countries. Hoping for a political agreement by the beginning of October, he criticised the attitude displayed by his country, France, which has the habit of talking tough but doing the opposite. Reynders wanted to separate the two difficult subjects: the Belgian Presidency will present legal texts during the next trialogue meeting on private equity but prefers to postpone discussions on the issue of third countries until later, perhaps at the beginning of October, during the informal Ecofin Council, which will allow for the different delegations to be sounded out.
The Belgian minister for finance hopes that when the new European supervisory architecture is evaluated, the EU will locate the best solution in this respect and give greater binding responsibility to European bodies. On Wednesday, the commissioner in charge of the internal market, Michel Barnier, will propose that the future European securities supervisory authority (ESMA) has the power to coordinate and control the derivatives and short selling markets (EUROPE 10208 and 10211).
Reynders also considers that the discussions on reform of the Stability and Growth Pact should not only cover the stability arena (creation of the European semester, new sanctions etc) but also growth. He affirmed that “new resources in national budgets should be found to fund employment and solidarity”, as well as challenges such as climate change. In October, the Ecofin Council will examine the question and compare the ongoing financial legislation reforms in the EU and US, on the basis of a European Commission's note. Reynders is also hoping to make progress in the area of savings taxation, by next December. (M.B./transl.fl)