MEPs want large banks under EU thumb

European Parliament Rapporteurs presented their draft reports on the four European Commission proposals on aspects of supervision of the financial services sector, February 2010.

Generally, the rapporteurs recommendation would beef up the powers of the new pan-European watchdogs, which will supervise the financial services sector – a controversial move that could run into opposition from the UK, in particular.

The proposed laws will need approval from both the European Parliament and EU member states before it can come into effect. Member State governments came to a careful compromise text on the proposed legislation in December 2009.

ESO: Background information: EU strikes deal on new financial sector watchdogs http://www.europeansources.info/record/eu-strikes-deal-on-new-financial-sector-watchdogs/

European Commission: DG Internal Market and Services: General policy: Financial Services Committee Architecture http://ec.europa.eu/internal_market/finances/committees/index_en.htm

ESO: Background information: Proposal for new bodies on EU finance http://www.europeansources.info/record/proposal-for-new-bodies-on-eu-finance/

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