The Larosiere commission was given by the European Commision president the dual task to research the causes of the present global financial crisis and come up with recommendations on how to reform the regulation of financial markets. The Larosiere commission published its report known as The Larosiere Report in February 2009. The report lays out a framework to take the European Union forward. Ambitious reforms are proposed, projected on two main dimensions: a macroprudential dimension and a microprudential dimension. The creation of a new European System for Financial Supervision covers the microprudential dimension and it refers to the transformation of the existing level 3 committees into 3 new European Authorities under one central institution. Regarding the creation of these new institutions two suggestions are presented: one about the cross sector cooperation between these institutions, and the second about the need to have a fiscal back-up, a fiscal power alongside the supervisory one in this newly created European System for Financial Supervision.
|Number of pages||5|
|Journal||Economic Sciences Series|
|Publication status||Published - 2010|