In light of the financial crisis, the Danish government has launched a proposal for a number of adjustments aimed at increasing openness and accountability on European financial markets.

In the proposal, the Danish Government underlines the need for more accountability among the large players on the financial markets, and therefore puts forward 35 concrete suggestions for adjustments. The suggestions include:

o Increased openness and transparency concerning the solvency and risk profile of banks, including publication of the bank’s own solvency assessment.

o Increased openness concerning private equity and hedge funds.

o Common rules concerning stronger capital reserves and limits on irresponsible borrowing.

o Rules to prevent conflicts of interest e.g. to insure that rating agencies are independent of the financial players they cooperate with.

o Increased global regulation and international cooperation in relation to the financial sector, e.g. introducing a global warning system aimed at a speedy identification of possible financial unrest.

Danish minister for Economic and Business affairs Lene Espersen:

- The international financial crisis has highlighted the need for improving transparency and accountability on financial markets. I believe that the Danish proposal is an important contribution to the discussion of how the current crisis is overcome.

- There is no doubt that international financial regulation must be strengthened. At the same time, it is of the utmost importance that we maintain our commitment to a global economic and financial system based on free markets and multilateral rules.