EU proposes continent-wide super regulator
The European Union wants to push through proposals for a continent-wide ‘super regulator’.
The proposed regulator, the European System of Financial Supervisors, would act as a referee between national regulators, and blow the whistle on banks and insurance firms behaving in a way that threatens the financial system.
National regulators could be told to take action, and obliged to explain themselves if they refuse to do as requested.
The proposals were announced this week by EU Commission president José Manuel Barroso.
“Our aim is to protect European taxpayers from a repeat of the dark days of autumn 2008, when governments had to pour billions of euros into the banks,” he said.
“This European system can also inspire a global one and we will argue for that in Pittsburgh.”
The proposals must be approved by all 27 national governments in the EU as well as by the European Parliament.
If it is approved, the Commission hopes to establish the regulator by 2010.
Category: Financial Services Authority News, Insurance News
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