EU money ministers have agreed plans for a new Euro-wide system of financial regulation.
Finance ministers plan to create a number of super-watchdogs to oversee banks and other financial institutions. Cross-border supervision is also to be improved to help stem any further turbulence from spreading. The agreement is likely to lead to more centralised supervisory power in Europe. However, the industries international reach poses a problem for regulators that usually work to a domestic remit. The deal will see three new supervisory authorities to police banks, insurers and investment companies. A new body called the European Systemic Risk Board is to check the health of the wider European economy.