The European Commission has proposed a more centralised European financial regulatory structure to strengthen cross-border supervision and risk controls and prevent future financial crises.
A consultation period ending 15 July will be followed by legislation in the autumn, with a new framework expected to be up and running during 2010.
The proposals, which closely follow the recommendations published by the de Larosière group on financial supervision on 25 February, will create two new pan-European supervisory entities. The 22-strong European Systemic Risk Council (ESRC) will monitor and assess risks to the stability of the financial system as a whole, while the European System of Financial Supervisors (ESFS) will focus on the supervision of individual financial institutions
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