These have highly significant consequences for the evolution of energy prices, currently back at considerably lower levels than the peaks observed last year (and also much lower than the cap on natural gas prices unilaterally established by the European Union in December). These levels are reflected in the current mood of financial markets and the substantial lowering of short-term inflation expectations.
The objectives of the new framework, according to the ECOFIN/European Council, are to upgrade the quality and consistency of national supervisors; to strengthen supervision of cross-border groups, in particular, by setting up supervisory colleges for all major EU financial groups and by moving towards a single rule book.