Tough decisions on financial supervision remain for summit - by Andrew Willis
Finance ministers meeting in Luxembourg on Tuesday (9 June) made progress on a new financial supervisory framework for the European Union but failed to reach an agreement on several of its most contentious issues. Division over who should chair a new body designed to monitor overall risk levels in the European financial system mean EU leaders will be left to make the tough decisions when they meet in Brussels on 18-19 June.At stake is the chairmanship of the proposed European Systemic Risk Council, with the European Commission last month suggesting the position should be filled by the president of the European Central Bank.
The UK and a number of other member states outside the Eurozone however, fear their interests will not be represented sufficiently if this is the case, with wrangling now likely to continue all the way up to the next European summit in just over one week.Note EU-Digest: Non members of the Eurozone should be happy there is a euro fall-back position to pick up on where they went wrong. Most EU member states reflected the hope of economy commissioner Joaquin Almunia when he said: "I am fully sure that the European Council [of EU leaders] will adopt the commission position."
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