News

Yesterday was the launch of the new strong joint network, gathering strengths and expertise from within and around UNI Europa and the ETUC. The network is looking ahead at some very busy months to come, to work for a regulatory reform that can ensure higher stability in the finance sector.



"A stabil and sustainable finance industry is not only important to the employees working in the sector. The impact of the financial crisis on the real economy has led to a serious general employment crisis. It is extremely important to have a profound regulatory reform in the sector, and we must address this together", said Bernadette Ségol, Regional Secretary of UNI Europa.



"The reforms we are facing are not only important but also extremely technical", said Rainer Hoffmann, Deputy General Secretary of the ETUC. "We must therefore pool all our resources and expertise to have the strongest team possible in this process",



The first item on the network agenda is the Alternative Investment Funds Managers Directive, covering among other things hedge funds and private equity funds. Other upcoming issues are the European structure of supervision of the finance sector and the revision of the Capital Requirements' Directive,



Proposals have been adopted by the European Commission in these areas, and the work will now continue in the Parliament and the Council. However, not all work can be done at European level. In the final analysis, governments of the member states must adopt the regulation in the council. A lot can therefore be done at national level to convince governments of the importance of stronger financial regulation at EU level.