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The EU Agenda for Financial Reform, as discussed in the Seoul conference on July 7-8, 2010, addresses vital issues crucial for stabilizing the European economy. Key topics include the enhancement of deposit insurance, revisions to the Savings Directive, and establishment of European supervision over financial institutions. Additionally, directives on hedge funds, derivatives, and credit rating agencies are highlighted, alongside debates over bank levies, remuneration, and speculation on commodities. The agenda also identifies problems such as internal contradictions within the Euro Zone and the divergence between UK financial practices and continental Europe.
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The EU Agenda forFinancial Reform Seoul 7./8. July 2010 Peter Wahl World Economy, Ecology & Development Association Berlin WEED PeWa
Legislation (directives) done or underway • improvement of deposit insurance • Improvement of „Savings directive“ • European supervision • directive on Hedge Funds WEED PeWa
Legislation announced • derivatives • Credit rating agencies • Renumeration • Bank levy • speculation on commodities WEED PeWa
Other projects Emergency plan for Greece Emergency plan for Euro Strict control of national fiscal policies De facto change in ECB mandate WEED PeWa
Problems internal contradictions imbalances and conflicts of interest • Euro-Zone vs. non-Euro zone • UK and the City vs. the rest • Foreign debt model vs. Domestic based • export model vs. Domestic demand WEED PeWa