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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters EU to tighten financial supervision to fight crisis Wed May 27, 2009 10:57am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Huw Jones and Timothy Heritage BRUSSELS/LONDON (Reuters) - The European Union proposed on Wednesday creating regulatory bodies to oversee financial supervision across national borders in a shake-up to protect investors and prevent another global credit crunch. The changes would tighten scrutiny of banks and create an early-warning system when risks build up. But they could face opposition from Britain, a major banking center, which resists any moves to reduce the powers of national regulators. The proposals could also show before a European Parliament election that the 27-nation EU is making a concerted effort to improve supervision of the financial system following criticism of its response to the global economic crisis. "The measures we have taken to tackle the crisis are starting to work but ... the real economy also needs ethical and effective financial markets if it is to prosper," European Commission President Jose Manuel Barroso told a news conference. "Our measures will help establish confidence and restore demand for credit." The proposals unveiled by the Commission, the EU's executive, are based on recommendations by former Bank of France Governor Jacques de Larosiere and are intended to help detect the start of a crisis faster. They are intended to show the EU would be better prepared if another crisis developed like the present one -- which started over bad loans in the United States but quickly spread and has now pushed the EU into recession. The plans call for creation of a European Systemic Risk Council, chaired by the European Central Bank and comprising central bankers and national regulators, to monitor risks. A steering group would be created to oversee three new pan-EU authorities on insurance, banking and securities markets and ensure EU rules are applied consistently across the bloc. Barroso made clear the EU needed to act now, before the EU emerges from crisis and pressure for an overhaul eases. "There's no room for more delays ... We only have one chance to get this right," he said. CRITICISM AND CONCERNS The Commission's plans need the approval of EU leaders, who will discuss them in June, and then the European Parliament. The Commission wants the new system in place by the end of 2010. Although the new risk council would have no binding power, it would be able to oblige an EU member state to explain why it was not taking action. Britain has made clear it does not support moves that would reduce its regulatory sovereignty but Barroso signaled he believed EU leaders would back the moves at a summit in June. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Afghanistan and Pakistan Fighting the Taliban A growing insurgency in Afghanistan is also spreading deep into Pakistan, making both countries crucial to U.S. war efforts in the region. Full Coverage More International News Bomb in Pakistan's Lahore kills 24 | Video North Korea threatens to attack South if ships searched | Video Myanmar court rejects Suu Kyi witnesses U.S., Israel square off over settlement expansion Millions displaced by cyclone in India, Bangladesh | Video More International News... 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Korea tests Obama's open hand White tiger kills keeper Times Square goes traffic-free Swedish warship captures pirates After the rain in Chile Most Popular Videos RSS Feed The Great Debate The wrong side of history Bernd Debusmann President Obama and his Secretary of State, Hillary Clinton, lean towards pragmatism over ideology and principle, closer in foreign policy outlook to Richard Nixon and Henry Kissinger than to George W. Bush and Condoleezza Rice. Commentary Follow Bernd Debusmann on Twitter We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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