Financial supervision disputes set for delay

In the wake of the financial crisis, European Union leaders were determined at the European Council, Brussels, 18-19 June 2009 to cap months of preparation with steps to strengthen Europe’s patchy system of financial supervision – in spite of Britain’s reservations about yielding binding powers to EU authorities.

Yet neither the British nor countries such as France that are heavily supportive of the supervision reforms appeared inclined to let their differences explode into an open row at the summit.

The true test could come in the autumn of 2009 when European Commission officials try to turn the 'communication' proposals into hard legislation. At that stage, the gloves could come off.

ESO: Background information: EU set to agree on tighter rules for markets http://www.europeansources.info/record/eu-set-to-agree-on-tighter-rules-for-markets/

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