Last week in a hearing organised by the European Economic and Social Committee (EESC) on how to better involve civil society in the regulation of financial markets, the EESC President, Staffan Nilsson, encouraged the European institutions, member states and the finance industry to create the conditions for involving civil society more effectively in regulation. Even if it is common view that the financial crisis is partly due to ineffective regulation of the financial markets, civil society organisations meet difficulties in taking part in this debate, one of the reasons being the complexity and technicality of the issue.

The EESC will issue an own initiative opinion on this topic.

Michel Barnier, Commissioner for Internal Market and Services, said that the Commission has to take measures to increase diversity and pluralism in law making processes. To this end, the Commission has already rebalanced the composition of its expert groups to ensure better efficiency and equity in the interests of smart regulation and efficient supervision.

Source:  EESC Press Release