The European commission has put forward a proposal to revise the European community rules regarding the adequacy of banks' own funds in order to strengthen financial security. This will reduce exposure to risk and allow banks within the European Union to be better monitored. The new rules will limit the amount that a bank can loan to a given borrower and will give national authorities greater power to monitor the activity of international banking groups.
The proposal, which modifies existing European directives on the adequacy of banks' own funds, is the realisation of one of the measures from the strategy paper produced by EU finance ministers in response to the current financial crisis. It is also, in part, a result of the G7 Forum for financial stability's recent recommendations. The European council have stressed the urgency of the situation and have insisted that the measures be adopted by April 2009 at the latest. Now, the European parliament and the council of ministers will examine the proposal.
Europe week of regions, from 6 to 9 October
The European Week of Cities and Regions, organised by the Regions' committee in Brussels including 210 partner regions and cities across Europe, is expecting 5, 000 participants. The sixth annual 'open days', organised by the Committee of the Regions (CoR) and the European commission's regional policy directorate-general, will take place from 6 to 9 October. The programme awaiting the 5, 000 delegates includes over 145 seminars and workshops, as well as numerous other events providing opportunities for exchange, in particular with representatives from the business world at the ‘Investor's café'. But a general strike is due to be held on 6 October in Brussels, causing chaos for attendants to this special meeting.