Towards a New European Financial Supervision Architecture

In November 2008, while the world financial crisis was still evolving, the European Commission tasked a High Level Group chaired by Mr. Jacques de Larosière with proposing a new financial supervision architecture for European financial markets. The High Level Group published its report (the De Larosière Report) in February 2009, recommending the creation of a new European macroprudential supervisory body and the establishment of a new European micro-prudential supervisory system. These recommendations were meant to strengthen the European financial supervisory framework and increase the financial stability of the European Union.