European Parliament thrashes out deal
The EU's Economic and Financial Affairs Council has endorsed a compromise with the European Parliament on the future of European financial supervision.
The deal reflects an agreement on key elements of reform to the EU regulatory framework, including the creation of a European Systemic Risk Board (ESRB), which will provide macro-prudential oversight of the financial system, and three supervisory authorities: a European Banking Authority (EBA); a European Insurance and Occupational Pensions Authority and a European Securities and Markets Authority (Esma).
Draft regulations establishing the ESRB and EBA will enable the bodies to be operational from January 1, 2011.
The Parliament is expected to approve the texts in first reading during its plenary session, beginning on September 20. The Council says it will formally approve them at a subsequent meeting without further discussion.
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