Brussels European Council - Presidency Conclusions, December 2009

Sectors : Economic governance and public finance management, Transparency and accountability, Adaptation, Mitigation and low carbon growth
Organisation : EU
Date made: 
2009
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Commitments in: Governance - Economic governance and public finance management

“II. The economic, financial and employment situation

...Financial markets, including supervision...

...13. The European Council welcomes the general approach reached by the Council on a complete package for a new supervisory framework in the European Union. A new European Systemic Risk Board will provide the European Union with a system for monitoring macro-prudential risks and issuing risk warnings and recommendations for remedial action when such risks are significant. The three new supervisory authorities for banks, insurance and securities markets will develop common technical standards, will have a strong co-ordinating role in supervisory colleges, be able to act effectively in case of financial emergencies, and ensure the consistent application of EU law inter alia through binding mediation. The European Council looks forward to negotiations with the European Parliament with a view to a swift adoption, so that the new system can become operational during the course of 2010.

14. The adoption by the Council of a general approach regarding amendments to the Capital Requirements Directive is a further step towards strengthening financial regulation in the light of the financial crisis. It enhances the capital requirements for certain banking activities and introduces clear and binding rules on remuneration consistent with those endorsed by G 20 leaders...

...15. ... In line with the European Council conclusions of October 2009, it calls on the Council and the Commission to identify the key principles which new global arrangements would need to respect.

16. The European Council also stresses the need to accelerate work on the draft Directive on alternative investment fund managers, which should also address the issue of appropriate remuneration policies. It welcomes the Commission's intention to present legislative proposals in 2010 to improve the stability and transparency of derivative markets.”

Scope: 
International

Commitments in: Climate Change - Mitigation and low carbon growth

“IV. The Copenhagen Conference on climate change

34. ...The European Council recalls the negotiating position that it adopted on 30 October 2009. All Parties must devote themselves fully to reaching a global, comprehensive, ambitious and politically binding Copenhagen Agreement that will cover all building blocks of the Bali Action Plan and builds on the essential elements of the Kyoto Protocol. A prerequisite for a Copenhagen Agreement is that it uses commonly agreed, transparent, international standards for measurement, reporting and verification, thus ensuring transparency and compliance of commitments, actions and support. In this context, the European Union will support efforts towards enhancing international environmental governance. The agreement should lead to finalising a legally binding instrument, preferably within six months after the Copenhagen Conference, for the period starting on 1 January 2013.”
 

Scope: 
International