EU finance ministers agree new European regulation deal

[pampango]

Source: BBC

European Union finance ministers have agreed plans for a new Europe-wide system of financial regulation. The deal paves the way for the establishment of several new watchdogs responsible for supervising the financial system in all EU countries.

Under the plans approved by finance ministers from the 27 EU members, three new supervisory authorities will be created to oversee banks, insurers and investment firms.

A separate body, known as the European Systemic Risk Board, is planned to oversee the wider stability of the European financial system as a whole.

The proposals were drawn up by the European Commission following the financial crisis which occurred in the wake of the collapse of Lehman Brothers more than a year ago. The Commission has said it hopes to see the new pan-European system established in the new year, although the plans still need to approval of the European parliament.

Read more: http://news.bbc.co.uk/2/hi/business/8391354.stm

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The EU had better financial market regulation to begin with than the US. Now it seems they are getting the jump on us in tightening those regulations.

[DJ13]

1. The EU has one significant advantage over the US

They arent owned by Goldman Sachs.