MEPs win out on powers for new European supervisory bodies
Pan-European authorities will have the power to impose emergency measures and intervene with financial institutions, after parliamentarians gained ground in compromise agreement
Members of the European Parliament (MEPs) last night ended a deadlock with the European Commission (EC) and European Council over the creation of four new supervisory bodies for the European Union (EU), paving the way for them to be operational at the start of 2011.
The agreement comes 18 months after a high-level EC working group chaired by former Banque de France governor Jacques de Larosière recommended the creation of a European Systemic Risk Board (ESRB), made up of European central bank
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