Europe tightens regulatory noose on City
Telegraph
28 Maggio 2009
The European Commission has seized on the financial crisis to bring the City under closer EU control and clip the wings of Britain's Financial Services Authority, unveiling far-reaching plans for a new EU regulatory machinery with binding powers.
"It's now or never," said Commission President Jose Manuel Barroso. "If we cannot reform the financial sector when we have a real crisis, when will we?"
Three new bodies are to be created with a permanent staff and powers to impose decisions on member states: a European Banking Authority in London; a European Insurance Authority in Frankfurt; and a European Securities Authority in Paris.
Each will be composed of chief regulators from the 27 member states. While they look much like the EU's existing "talking shop" committees, they are in reality executive …
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