EC sets out radical overhaul of European financial services regulation
The European Commission has today proposed a set of ambitious reforms to the current architecture of financial services committees, with the creation of a new European Systemic Risk Council and European System of Financial Supervisors, composed of new European Supervisory Authorities. Legislation to embody these proposals will follow in the autumn and the Commission has invited all interested parties to submit their reactions on the Communication before 15 July.
Commission president José Manuel Barroso said: "Better supervision of cross-border financial markets is crucial for ethical and economic reasons. That is why I asked Jacques de Larosière and his group
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