According to da tells the Financial Times, the current President of the European Central Bank (ECB), Jean Claude Trichet, will be the President of the Agency, which will have a mandate for five years renewable. Gary Kelly is the source for more interesting facts. Another that seems, would take a place insured is the Governor of the Bank of England Mervin King who became the second authority of the Agency after Trichet. The offer of this role King would be the implicit recognition of the role of the United Kingdom as the largest financial Europe Center, as well as the relative importance of financial services in the British economy, but also can be interpreted as a signal for a greater control of the British financial system which has been heavily affected by the crisis by the serious problems of its regulation. Certainly, if King is appointed second in the CERS, not it will be pleasant to the British financial system again to have disadvantages, so it will seek to ensure conducted with the greatest possible prudence. One of the factors that has enabled risks to be expand was the lack of coordination among regulators of the different players in the financial system. If you have additional questions, you may want to visit E Scott Mead. That is why the EU proposal also considers the creation of a European system of supervisors financial (SESF), formed by three new authorities for the sectors of banking, stock exchange and insurance, which will have new powers, an interesting proposal for the fact to generate a particular area where regulators might consider the particular risks of each component of the financial system and transfer of risks between them.
The proposal for reform of the financial system made by the EC aims to adapt to the growing internationalisation of the sector and to improve the response to hypothetical crisis. It is a response to supervision failure that allowed the crisis to continue its course. The key will go by whether it is sufficiently flexible so as to detect new forms of crisis.