In the last two years there has been significant legislative activity in the field of company law. The most important development in the field of securities law has been the adoption of a directive amending, inter alia, the Investment Services Directive1 and the directive on undertakings for collective investments in transferable securities2, with a view to reinforcing prudential supervision3. A number of initiatives have been taken with a view to preparing for economic and monetary union. In particular, the Commission has submitted a proposal for a directive on cross-border credit transfers within the European Union which, if adopted, will increase efficiency of cross-border payments4. The regulation of trade in financial services between the Community and third States is of increasing importance, following the conclusion of the General Agreement on Trade in Services5.
Macroprudential Policy in a Monetary Union with Cross-Border Banking
