Parliaments Committee on Economic and Monetary Affairs adopted the own initiative report of Mr Muscat on further consolidation in financial services industry in Europe. The report states that European legislators should launch in-depth discussions on the appropriate structure of supervision of EU financial markets, clarification of powers and responsibilities between home and host supervisors and adequate crisis management procedures, and not wait for a major pan-European crisis. The report therefore calls for the setting up of a committee of 'wise men' to study - and report back before the end of 2006 - the implications of the consolidation of markets and financial institutions, prudential supervision, financial stability, and crisis management.
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