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Löger welcomes decision on reform of EU financial market supervision Fair balance between strengthening European supervisory structures and maintaining subsidiarity, as well as ensuring proportionality

Following the presentation yesterday of draft legislation relating to reform of banking supervision in Austria, paving the way for a more streamlined, more efficient and more robust national supervisory structure, today, at EU level, the final decision was achieved on strengthening European financial market supervision.

"I am delighted that, through reform of EU financial market supervision, at European level we have now also succeeded in eliminating overlaps and bureaucracy, while at the same time still taking account of the principles of subsidiarity and proportionality," explained Austrian Finance Minister Hartwig Löger.

"Through this reform, we are ensuring that, in these times of advancing digitalisation and globalisation, European financial market supervision is set up to be still more effective and more robust. Thus, for example, it is better equipped to combat money laundering, and more effectively prepared for the event of a disorderly Brexit. At the same time, vital principles of subsidiarity and proportionality have successfully been maintained; for instance, it has been possible to ensure that varying sizes and business models of banks and other institutions are better taken into account. In this regard, I wish to express my thanks to Othmar Karas for his excellent leadership in the negotiations on the part of the European Parliament," concluded Mr Löger.