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Three EU regulators to police financials
THE EUROPEAN Commission will announce tomorrow that three new pan-European supervisory agencies are to compile and help to enforce a central set of rules for the financial services industry.
One body, the European Systemic Risk Board, will be made up of representatives of central banks and financial watchdogs from within the EU, and will be charged with tracking and analysing issues relating to financial stability. The other supervisory bodies would enhance supervision by national authorities in the banking, insurance and securities areas.
The new agencies would be given the job of drawing up a common pan-European rule book, though this would still need to meet with the approval of the Commission.