(...) Two resolutions, calling for legislation on remuneration in the financial service sector and on the management of cross-border banking crises, were passed by the Economic Affairs Committee on Tuesday. These resolutions lend further weight to Parliament's calls to transfer more powers to EU level, as the only way to deal effectively with the EU's highly-interdependent economy and prevent further financial meltdowns and taxpayer bailouts.Both resolutions call on the Commission to draw up legislative proposals that go beyond the current model of recommendations and loose co-ordination, which had only a limited impact in controlling the build-up of risk.
The first resolution calls for binding rules to regulate remuneration in the financial services sector and obligatory disclosure of directors' pay in all companies traded on stock exchanges.
The second, on cross-border crisis management in the banking sector, advocates establishing an EU crisis management framework characterised by harmonisation, very tight co-ordination, and ultimately the development of an EU banking company law with a harmonised EU insolvency regime. (...)
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