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UNI europa to respond to the Commission's consultation on financial supervision



UNI europa will give a response to the consultation issued by the Commission on financial supervision.

"http://ec.europa.eu/internal_market/finances/committees/index_en.htm"



Our response to this consultation will reflect workers' concerns for effective regulation, control and transparency of the sector as well as participation of finance sector's employees.



UNI europa Regional Secretary Bernadette Ségol said: "On these questions, more than anywhere else, the devil is in the details...The Commission should have the courage to come up with solid and comprehensive EU legislations. The near-death experience of the financial sector requires a radical treatment and this is what we are expecting from the Commission".



In its first reaction, UNI Finance stresses that the Commission's communication neglects the role of employees and trade unions; their involvement is an essential prerequisite for a system of financial supervision that is effective in preventing future crises. The new proposal instead follows a traditional approach in limiting oversight to a matter between supervisors and industry -- those who did not prevent the financial crisis in the first place.URL:

http://www.uniglobalunion.org/Apps/iportal.nsf/pages/homeEn?Opendocument&exURL=http://www.uniglobalunion.org/Apps/UNINews.nsf/0/6D92DC8181221E29C12575C4005496D3