Recital 27

(27)The financial crisis has highlighted the need for reform of the regulatory and supervisory models for the European Union’s financial sector. In its Communication entitled ‘Driving European recovery’, the Commission announced its intention to put forward the necessary legislative proposals with due consideration for the conclusions presented by the de Larosière Group. The European Council of 19 and 20 March 2009 agreed on the need to improve the regulation and supervision of financial institutions in the European Union, with the report of the de Larosière Group as a basis for action. The Commission should present relevant proposals to the European Parliament and the Council as soon as possible and in any event by 1 July 2010.