EU HEADS OF GOVERNMENT APPROVE NEW EUROPEAN FINANCIAL SUPERVISION SYSTEM
June 1st, 2009
BY KEITH NUTHALL
EUROPEAN Union (EU) heads of government have agreed to establish a new Europe-wide system of financial supervision, imposing arbitration on national regulators disagreeing over controls of cross-border banks and other financial organisations. The decision follows tough bargaining at Friday's EU summit in Brussels between Britain - which wanted to minimise EU controls over its financial sector - and France and Germany, which favoured a strong European financial watchdog.
The compromise will see the European Commission bring forward legislative ...
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