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European Parliament Approves New Financial Watchdogs
Written by article default Thursday, 23 September 2010 06:51
European Parliamentary session held yesterday came out with the consent of establishing new financial watchdogs to monitor banking sector, financial markets and the insurance and pensions industry through three supervisory bodies, which are the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority in addition to European Systemic Risk Board which will ensure the ability of European economies to absorb future financial shocks.This step, which was hailed by the ECB President Jean-Claude Trichet, came in line with the Basel Committee proposals to raise banking capital requirements announced last week.