Ethics and governance in the European Financial centers

On 16 May 2007, the European Commission concluded that Malta has achieved a high degree of sustainable economic convergence with the other Member States and that it fulfils the necessary conditions to adopt the euro. On the basis of its Convergence Report, the Commission is proposing to the Council that Malta adopts the euro on 1 January 2008. The final decision will be taken by EU finance ministers in July, after consultation of the European Parliament, and following a discussion by the Heads of State or Government at their summit in June.

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On 16 May 2007, the European Commission concluded that Cyprus has achieved a high degree of sustainable economic convergence with the other Member States and that it fulfils the necessary conditions to adopt the euro. On the basis of its Convergence Report, the Commission is proposing to the Council that Cyprus adopts the euro on 1 January 2008. The final decision will be taken by EU finance ministers in July, after consultation of the European Parliament, and following a discussion by the Heads of State or Government at their summit in June.

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The Financial Services Authority (FSA) has last week fined BNP Paribas Private Bank (BNPP Private Bank) £350,000 for weaknesses in its systems and controls which allowed a senior employee to fraudulently transfer £1.4 million out of clients' accounts without permission.

As Margaret Cole, who is FSA Director of Enforcement, said "This is a warning to other firms that we are raising our game in this area and expect them to follow suit"

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