EU warning systems 'need strengthening'
Financial Times
04 Aprile 2008
Plans to beefup risk management
Recent financial turmoil has shown that the"early warning systems" within the European Union, as well as the pruderitial framework in the banking sector, need urgent strengthening, Charlie McCreevy, the internai markets commissioner, told MEPs yesterday.
Mr McCreevy spelt out in the greatest detail to date plans for beefingup risk management rules for banks and urged the various European institutions the Commission, Council and parliament to reach agreement on changes to the socalled Basel II capital requirements directive by Aprii 2009.
"A failure to do so would imply substantial and, from a market's perspective, unacceptable delays," he said, as he …
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