EU gives green light to super regulators

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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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