Brussels seeks to boost financial watchdogs | The Daily Star
12:00 AM, May 25, 2008 / LAST MODIFIED: 12:00 AM, May 25, 2008

Brussels seeks to boost financial watchdogs

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The European Commission said Friday it would try to reinforce the European Union's financial overseers following the turbulence on world markets caused by the housing credit crisis in the US.
"The financial turmoil has shown that we need to upgrade the current supervisory architecture," EU Internal Market Commissioner Charlie McCreevy said in a statement.
He suggested a series of "result-oriented initiatives that will strengthen European supervisory and stability arrangements" to clarify and reinforce the roles of the Committees of Supervisors -- three bodies in which representatives from EU member states oversee banking, insurance and occupational pension operations.

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