Role of regulatory and institutional frameworks in meeting the challenges of globalization Mr. Paolo Garonna, Officer in Charge of the Economic Commission for Europe (ECE)

Central bankers in Europe have always resented the narrow monetary policy mandate given to the ECB under the Maastricht Treaty. Banking supervision was not included among the ECB s objectives, though one article of the treaty gives the system of European central banks as a whole the task of contributing to effective supervision.

The eurozone needs a banking union a European deposit insurance scheme in order to stem capital flight, a European source for financing bank recapitalization, and eurozone wide supervision and regulation. The heavily indebted countries need relief on their financing costs.

Should Europe Regulate Sovereign Wealth Funds?

As a result, the big transnational institutions are lobbying hard for a pan European approach to banking supervision and regulation (and implicitly for fiscal bailouts should that supervision and regulation fail).

Monitoring mechanisms that involve the European Union and the Association of Southeast Asian Nations have been put in place.

D. Monitoring and control mechanisms

The OSCE is the lead election monitoring body in Europe, and its reports are seen as an important quality control stamp.

Countries mentioned specifically the role of the European Monitoring Centre for Drugs and Drug Addiction in facilitating the sharing of experience and information in the area of drug demand reduction among the 25 member States of the enlarged European Union and the experiences of the Multilateral Evaluation Mechanism of the Inter American Drug Abuse Control Commission (CICAD) of the Organization of American States.

The European Commission also put forward a set of legislative proposals to establish the single supervisory mechanism and confer key supervisory tasks on the ECB. This proposal must now be amended and approved as soon as possible by the European Parliament and the Council of Ministers if we are to have a chance of activating the European Stability Mechanism (ESM) and proceeding with the other essential pillars of a banking union.

Equally, member States are bound by the European Convention and their actions are submitted to the supervision of the European Court of Human Rights.

Europe s economy remains shackled by three problems sovereign debt, the euro, and wobbly banks despite several new policy backstops the European Stability Mechanism (ESM) the European Central Bank s easy money policies and holdings of sovereign debt and the ECB s takeover in November of supervision of the 130 or so largest pan eurozone banks. None of these reforms has been sufficient to restore the stronger growth that Europe desperately needs.

On September 12, the Commission will present its proposals for a Single Banking Supervisory Mechanism based on three key principles

Management should be based on vigorous internal oversight and inspection mechanisms.

European and international supervision of nuclear material is made by the EU Commission and the IAEA (Euratom Treaty, INFCIRC 193).

But, like financial regulation, nuclear regulation in the EU, even with its Euratom treaty, is still essentially national. And, given the deep disparities in nuclear power s importance for European economies, consensus on regulatory harmonization is hard to reach.

How might these laudable objectives be achieved? The European Commission has argued that a fully fledged banking union would need to rest on four pillars a single deposit protection scheme covering all EU (or eurozone) banks a common resolution authority and common resolution fund, at least for systemically important and cross border banks a single European supervisor for the same banks and a uniform rule book for prudential supervision of all banks in Europe.

But Europe s policymakers claim to be making progress toward a so called banking union, which means collective banking supervision, rather than a merger of banks themselves. In September, the European Commission announced a plan to make the European Central Bank the supervisor of all 6,000 of Europe s banks.

We in the European Union have a comprehensive arms control regime.

Convergence of national regulations should be accelerated, and closer cooperation between national authorities should become a priority. Otherwise, national authorities will be unable to respond properly to cross border developments.

Europe wide regulation of banks encroaches on national sovereignty less than European control over fiscal policy. And European control over banks is less amenable to political abuse than national control.

It is better to inject equity into the banks now rather than later, and it is better to do it on a Europe wide basis than leave each country to act on its own. This would create a European regulatory regime.

In 1994 Bulgaria was elected to membership of the Pompidou Group within the Council of Europe, which deals with the prevention and control of drug traffic and the fight against drug addiction in Europe.

Much has been achieved since then balance sheets have been strengthened and funding models adjusted. Along with institutional reforms at the European level nbsp particularly the creation of the European Systemic Risk Board and the European Banking Authority regulation and supervision have been reinforced in subsidiaries host countries.

When the global crisis erupted in 2008, there was no regulatory framework to protect the cross border networks, and large vulnerabilities, in the form of excessive leverage and foreign exchange, were exposed. Much has been achieved since then balance sheets have been strengthened and funding models adjusted.

The preferred alternative is to create a common resolution mechanism, which would apply throughout Europe, regardless of a bank s country of origin. Such a mechanism would prevent the need for government intervention.

In the European Union, the focus of regulation is primarily on environment, health and safety (EHS).

Includes payments to Euro Airtraffic Control Services.

APRM is an instrument that was acceded to by member States of the African Union (AU) as a self monitoring mechanism.

It is time to heed the fundamental laws of economics and put a stop to the imprudence that those charged with fighting the crisis have been allowed to get away with. Europe needs no banking union beyond a common regulatory system.

Broad coverage All banks in the eurozone will be covered by the new European supervisory system. And we will need to bridge the gap between eurozone members and EU members that remain outside the monetary union, some of which may want to participate in the new supervisory mechanisms.

Together with 46 European countries, BiH had entered a program for the monitoring of tuberculosis in Europe Euro TB.

The key to Europe s ability to neutralize Russia s geopolitical advantage is to establish a unified energy policy, with a Europe wide distribution network and a Europe wide regulatory authority that has precedence over national regulators. This would deprive Russia of its ability to play one country off against another, because a concession granted to one national distributor would immediately become available to customers in all the other countries.

Article 7 The securities regulatory agency under the State Council, the People's Bank of China and other financial regulatory authorities under the State Council should establish information sharing mechanism of supervision and administration over securities firms.

That happened because European bank regulation is still characterized by a race to the bottom. Colleges of regulators, the supposed solution, are inadequate.

That is no cause for celebration. On the contrary, it reflects European politicians lack of sufficient strategic vision and courage in dealing with the eurozone crisis and also in regulating the markets.

Here, the European System of Central Banks could serve as a model. Centralized financial supervision would avoid the need for banks to duplicate reports to different authorities, allow financial rules and supervisory practices to be harmonized, and eliminate distortions to competition.

And never mind the European war.

Strengthened central monitoring and evaluation facility and improved results based management systems

The Authorized body performs a mandatory supervision over the process of information submission.

The scale of this challenge demands a comprehensive, institutional response from the EU that goes well beyond the Decade and the capacity of my foundations. While the European Roma Platform launched in 2009 paid lip service to Roma issues, it did not go far enough.

IV. FUTURE PROSPECTS FOR NATIONAL, SUBREGIONAL AND REGIONAL DRUG CONTROL PLANS 25 35 6

Such a mechanism should be able to monitor and ensure surveillance of capital markets and international financial operations.

(c) The international space institutions and related activities, regulatory acts and policies, European space institutions

Proceeding with capital injections before the single supervisor is in place would only encourage more risk taking. And allowing the ECB to supervise the banks before the European Parliament acquires the power to hold it accountable would only deepen the EU s democratic deficit and provoke a backlash.