EU super-watchdog warns economic crisis 'far from over' - by LEIGH PHILLIPS

The EU's economic super-watchdog has warned that "many risks" remain to the stability of the EU's financial system and that the global crisis will last for many more years to come.

The two deputy chairs of the new European Systemic Risk Board - the bloc's new Frankfurt-based supervisor of supervisors tasked with oversight of the financial system within the Union - gave a frank assessment of the state of capitalism in Europe in their first hearing before the European Parliament's economics committee.

"There are still many risks to the recovery of the European economy," said Mervyn King, the ESRB's first vice-chair and head of the Bank of England.

For more: EUobserver / EU super-watchdog warns economic crisis 'far from over'