Deal paves way for pan-EU financial watchdogs / London fears Brussels reform will shift power

Author (Person)
Series Title
Series Details 2.9.10
Publication Date 02/09/2010
Content Type

The European Union reached a long-awaited agreement on the 2 September 2010 on reform of financial supervision, paving the way for the establishment of three pan-EU watchdogs to oversee controls on banks and insurers in the region from 2011.

The deal comes after months of negotiations between the European Parliament, the Council of the European Union and the European Commission. The MEPs generally favoured handing the watchdogs substantial powers, and EU Member State governments were inclined to limit their remit.

The European Parliament formally gave the final seal of approval to the a package of reforms on the 22 september 2010.

Related Links
Council of the European Union: Press Release, PRES/10/231: Council approves compromise with Parliament on financial supervision http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/116303.pdf
European Commission: Audiovisual Service: Council/EC/EP trialogue on financial supervision package: extracts from the press conference, 2.9.10 http://ec.europa.eu/avservices/video/player.cfm?sitelang=en&ref=72212
European Commission: Website of Michel Barnier: Political consensus on supervisory package - remarks from Commissioner Michel Barnier, 2.9.10 http://ec.europa.eu/commission_2010-2014/barnier/docs/speeches/20100902/20100902_speaking_points_en.pdf
Belgium: EU Presidency: Press Release, 3.9.10: Agreement in principle on the financial supervision in the EU http://www.eutrio.be/pressrelease/agreement-principle-financial-supervision-eu
ESO: Background information: Financial supervision: the Council sets out its position with a view to continuing negotiations with the Parliament, Brussels, 13 July 2010 http://www.europeansources.info/record/press-release-financial-supervision-the-council-sets-out-its-position-with-a-view-to-continuing-negotiations-with-the-parliament-brussels-13-july-2010/
ESO: Background information: Pan-EU powers to target 'toxic products' http://www.europeansources.info/record/pan-eu-powers-to-target-toxic-products/
European Parliament: Press Release, 2.9.10: EP adds bite to EU financial watchdog rules http://www.europarl.europa.eu/news/expert/infopress_page/042-80951-245-09-36-907-20100902IPR80950-02-09-2010-2010-false/default_en.htm
EurActiv, 3.9.10: EU cuts deal to set up banking watchdogs http://www.euractiv.com/financial-services/eu-boasts-deal-tougher-financial-supervision-news-497410
EUObserver, 3.9.10: Deal reached on pan-European financial supervisors http://euobserver.com/9/30724
Deutsche Welle, 3.9.10: EU reaches deal on cross-border financial supervisors http://www.dw-world.de/dw/article/0,,5970336,00.html
BBC News, 2.9.10: Europe agrees new agencies to supervise financial firms http://www.bbc.co.uk/news/business-11171800
Open Europe, 6.9.10: New EU supervisors represent a risk to the UK’s financial services industry http://www.openeurope.org.uk/media-centre/pressrelease.aspx?pressreleaseid=141
EurActiv, 22.9.10: Parliament set to back EU financial watchdogs http://www.euractiv.com/financial-services/capitals-blame-if-bank-watchdogs-fail-say-meps-news-497998
European Parliament: Press Release, 22.9.10: Parliament gives green light to new financial supervision architecture http://www.europarl.europa.eu/news/expert/infopress_page/042-83191-263-09-39-907-20100921IPR83190-20-09-2010-2010-false/default_en.htm
EurActiv, 23.9.10: EU passes 'historic' agreement on bank supervision http://www.euractiv.com/financial-services/eu-votes-historic-agreement-bank-supervision-news-498050
De Standaard, 7.9.10: Will EU watchdogs have any bite? (via PressEurop) http://www.presseurop.eu/en/content/article/333381-will-eu-watchdogs-have-any-bite

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