New Structure for European Financial Supervision

On September 22, the European Parliament approved a new structure for financial supervision. Three European Supervisory Authorities are established with broader powers than the current supervisory committees they replace, including the power to settle disputes among national financial supervisors and to impose temporary bans on risky financial products and activities. A European Systemic Risk Board is also established to monitor and warn about the general build-up of risk in the EU economy. Press Release.