Brussels, 07/02/2008 (Agence Europe) - On Thursday 7 February in London, during a speech at the Royal Institute of International Affairs (Chatham House), Charlie McCreevy, the European Commissioner for the internal market declared, “The full implementation of Basel II rules since this January should introduce more risk-sensitive rules and more comprehensive provisions on disclosure. But work still remains to be done in other areas, for example on liquidity risk management, concentration risk and securitisation. We will therefore come forward with amendments to the Capital Requirement Directive in the autumn”. At the end of January, the European Commission announced an amendment to the so-called Basel II rules on capital requirements controlled by financial establishments (EUROPE 9590).
According to the Commissioner, it is a matter of urgency to provide an international early warning system that could allow for financial market dysfunction to be detected earlier, as well as international institutions with greater powers in financial crisis management. (M.B.)