The European Council and the European Parliament reached an agreement on key elements of a reform of the Framework for Supervision of the European Union financial system. The Reform involves the creation of three new bodies to eliminate deficiencies that were exposed during the financial crisis.
An agreement has been reached by the European Council and European Parliament on the issue of reforming the framework for supervising the European Union financial system so as to eliminate the deficiences exposed by the recent financial crisis.
The aggrement involves the creation of a European Systemic Risk Board (ESRB) which will provide macro-prudential oversight of the financial system, and three other supervisory authoriies - European Banking Authority( EBA) , European Insurance and Occupational Pensions Authority and European Securities and Markets Authority.
Draft regulations on establishing the ESRB and EBA will enable them to be operational from 1 January 2011.
© European Council
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