EU agrees on supervision for financial industry

| 08/09/2010

(BBC): European Union finance ministers have agreed to establish a new framework for financial supervision, designed to help prevent future financial crises. The measures include a European Systemic Risk Board to oversee the health of Europe’s economy. Ministers also approved a second instalment of emergency loans to Greece worth 9bn euros . They were unable, however, to agree a new Europe-wide bank levy or bank transaction tax. Other supervisory bodies that will oversee banking, financial markets, insurance and pensions were also agreed by the ministers.

They include the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority. These bodies will have the power to intervene in the affairs of individual countries if EU members agree that the domestic regulator is failing in its duties.
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