EUROPE AGREES NEW AGENCIES TO SUPERVISE FINANCIAL FIRMS
Baku, September 3 (AZERTAC). The European Union has reached agreement on reforms to financial supervision, officials have said.
EU states and the European Commission agreed to create agencies that from next year are to oversee banks, insurers, and financial markets.
The deal must still be approved by European finance ministers and the European Parliament.
Europe`s move follows the sweeping Wall Street reforms that President Barack Obama signed into law in July.
It is hoped the agreements in Europe and the US will help stop a repeat of the financial crisis in which loose supervision of companies was blamed for contributing to problems.
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