Economic and Financial Affairs

The Council gave the go-ahead to a reform of the EU framework for financial supervision, the aim of which is to eliminate deficiencies that were exposed during the recent crisis on global financial markets.
The reform involves the creation of a European Systemic Risk Board and three European authorities for the supervision of the banking, insurance and securities industries. The new bodies will be part of a European system of financial supervisors, including the supervisory authorities of the member states.
The new system will be operational as from 1 January 2011.
The Council took stock of the outcome of the G-20 summit in Seoul, as well as the October meeting of the European Council, including as regards economic governance.
Furthermore, it adopted conclusions regarding:
– pensions, approving a report on the sustainability of retirement pensions in view of ageing populations and following the economic and financial crisis;
– public finance statistics, including as regards progress on an action plan to tackle statistical deficiencies in Greece.

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