Telegraph: European Commission proposes bodies to oversee banking risk and financial regulators - by Philip Aldrick

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European Commission proposes bodies to oversee banking risk and financial regulators - by Philip Aldrick

EU policymakers are proposing that two new centralized bodies be created to oversee banking risk and financial stability across the continent. The recommendation is made in a report to the European Commission compiled by a group headed by former Bank of France Governor, Jacques de Larosiere, but stops short of calling for a sole European regulator. Mr de Larosiere suggests a new European Systemic Risk Council that would pool and analyse all information for financial stability across the continent. It would be chaired by the European Central Bank and have representation from banking, insurance and securities supervisors.