The European Commission (EC) is calling on EU leaders to further step up coordinated European action to fight the economic crisis.
The Commission endorses - and asks EU leaders to endorse - the key principles set out by the de Larosière Group. The Commission calls for a supervisory system combining much stronger oversight at EU level with maintaining a clear role for national supervisors.
In April the Commission will bring forward initiatives already in the pipeline on hedge funds, private equity and remuneration structures.
Following an impact assessment, the Commission will put forward to the June European Council a detailed timetable for further measures based on the de Larosière report.
It will bring forward proposals in the autumn on the new supervisory framework and on issues including: liquidity risk and excessive leverage; further reinforcing protection for depositors and policy holders; and effective sanctions against wrongdoing.