Press Release: Council approves compromise with Parliament on financial supervision

The Council today (7.9.2010) endorsed an agreement reached with the European Parliament on 2 September on key elements of a reform of the EU framework for supervision of the financial system. The reform is aimed at establishing a new basis for supervision in Europe, eliminating deficiencies that were exposed during the financial crisis. It involves the creation both of a European Systemic Risk Board (ESRB), which will provide macro-prudential oversight of the financial system, and three supervisory authorities: a European Banking Authority (EBA); a European Insurance and Occupational Pensions Authority and a European Securities and Markets Authority.

ESO: Background information: Deal paves way for pan-EU financial watchdogs / London fears Brussels reform will shift power http://www.europeansources.info/record/deal-paves-way-for-pan-eu-financial-watchdogs-london-fears-brussels%e2%80%89reform-will%e2%80%89shift%e2%80%89power/

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