Spain Pushes For Stricter Financial Regulation Across the EU

 

Spain will push for speedy approval of laws governing financial regulation during its six-month presidency of the EU in 2010, Spanish officials said today. Diego Lopez Garrido, Spain's minister for European affairs, said Spain wanted new financial supervision laws approved during its presidency, which is in effect up to June 30th. Only last week a number of EU countries forced the UK to approve to three new EU financial regulators being created.

The City has already reacted - insisting that moves to increase financial regulation could prompt many in the Financial Sector to move out of the EU altogether and into countries with less strict regulation. The news today that Spain is pushing for tougher regulation will not be looked upon favorably in the square mile.

Officials in the European Parliament, have mentioned that the representatives will not be pushed to approve a deal quickly because it wants to ensure the best possible solutions are reached.

An agreement was made in principle last week to create three watchdogs to oversee banks, insurers and trading exchanges across the EU, with a further agency to watch for overall risks to the economy.

Spain will work alongside Herman Van Rompuy, the new president of the Council of EU leaders, to ensure that this proposal is brought to fruition, but as yet member states have still to agree how the president and the host presidency will coordinate their responsibilities.

Spain is also proposing to reform laws banning discrimination against women in the workplace and additionally seek to improve the laws concerning violence against women.