EU gives green light to super regulators
The European Union (EU) has reached an agreement on the reform of financial supervision, paving the way for the creation of new pan-EU supervisory authorities which will oversee controls on banks and insurers.
It is hoped that the deal, which must still be approved by European finance ministers and the European Parliament, will help stop a repeat of the financial crisis in which loose supervision of companies was blamed for contributing to problems.
The agreement also creates a European Systemic Risk Board with the task to look out for threats to Europe's economy from the financial sector. If the agreement is ratified, the EU hopes to launch the new agencies in January 2011.
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