EU Proposes Stronger Financial Oversight - by Andrew Willis
The European Commission came forward with a package of legal proposals for strengthened regulation of the financial sector on Wednesday (23 September), as the EU seeks to prevent a repeat of the last year's meltdown. The bundle of draft regulations is a direct result of political decisions taken by EU leaders meeting in Brussels in June and a meeting of finance ministers earlier the same month. "In Brussels' time, this rapid progress is equivalent to the speed of light," said internal market commissioner Charlie McCreevy, referring to the frequently torturous speed of legislation coming out of the EU institutions.
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