Kalousek takes part in ECON meeting with National Parliaments

Today, Czech Finance Minister and ECOFIN Council President Miroslav Kalousek took part in a meeting of the EP Committee on Economic and Monetary Affairs (ECON) with National Parliaments.

The theme of the meeting was: “The European Economy – What next?”

The Minister presented a paper on financial market regulation and the system of financial market supervision in light of the current financial crisis. He also touched on its possible causes.

In his speech the Minister stressed that the situation could not be stabilised without renewing trust in the financial markets. He firmly rejected the use of protectionist measures and highlighted cooperation leading to global standards, mutual recognition and open markets as the only alternative. He said that the G20 group offered a suitable platform for such cooperation.

Miroslav Kalousek also mentioned the main targets of the Czech Presidency in the field of financial markets regulation. The Presidency will seek consensus in three areas – the proposal for a Regulation on credit rating agencies, the Solvency II Directive concerning insurance undertakings and the Capital Requirements Directive regarding banks. The Czech Presidency will further focus on flaws within the regulatory framework and on the future orientation of the European financial markets and financial services where the principal subject is the organisation of the structure of financial supervision and reform of the international financial system.

Contact:

Radka Kohutová, spokesperson of the Ministry of Finance of the Czech Republic for the Presidency

tel.: +420 257 042 103, GSM: +420 724 845 394;

e-mail: radka.kohutova@mfcr.cz