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Europe Speeds Up Financial Regulation Reform Plan

Global Glimpses | May 29, 2009

The European Commission has accelerated plans to create a new regulatory framework for financial services firms. Announcing more detail on the trading bloc’s plans and a timetable for the needed legal changes, Commission president Jose Manuel Barroso said he wanted it up and running next year, not 2012 as originally proposed.

The Commission’s plan is to beef up three existing advisory committees that represent European banking, insurance, and securities regulators as part of a new European System of Financial Supervision. This would see individual financial firms regulated both by their national supervisors and by the new European committees.

The plan would also create a European Systemic Risk Council, which would monitor the stability of Europe’s...

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