In June 2009 the European Commission received support regarding creation of the EU central financial supervision. The new institution would be responsible for the banking sector, stock exchange market and the insurance sector. However, the discussion on its final organisation and justification for its creation are still being discussed. – Some of the European supervision regulations can be useful, but all the actions at the national level should be coordinated before their application – says David Vavra, advisor of the president of the Czech central bank.
In the opinion of Stanisłam Kluza, president of the Polish Financial Supervision Authority it is important that responsibility should be transferred to the European level together with the rights of the local supervision authorities. – Simultaneously with the transfer of the supervision competence we should build the European system of the guaranteed deposits. Local tax payers cannot bear the costs of the decisions that they cannot influence – says Stanisław Kluza. The experts pay attention also to the market of the derivative instruments that caused the breakdown of the American real property market, and as a result – the financial crisis. But the experts could not reach a common position even in this case.
– Thanks to the derivative instruments it was possible to develop enormous wealth. And it will still be developed but on condition that the international regulations will not suppress the instruments – states Charles Kovacs from the Advisory Committee in charge of the Business and Industry of the Organisation for Security and Co-operation in Europe. The other participants of the panel titled: “International Supervision of the Financial Markets vs. the Economic Crisis” did not agree with Mr Kovacs. In their opinion the beneficiaries of the huge popularity of the derivative instruments were mainly financial institutions.
