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Brussels to seize regulatory power
THE EU is poised to grab control of financial regulation after the European Commission yesterday debuted plans to erect a pan-European supervisory framework with genuine power.
Three new bodies are to be created, a European Banking Authority in London, a European Securities Authority in Paris and a European Insurance Authority in Frankfurt.
All three will employ permanent staff and will have the power to force their decisions upon member states.
They will be composed of top regulators from the 27 EU nations and will be able to override national regulators, subject to appeal at the European Court of Justice. EC president José Manuel Barroso wants the system in place by the end of the year.