More sovereignty lost to the EU’s new financial framework

BBC
07.09.2010

European Union finance ministers have agreed to establish a new framework for financial supervision

The measures include a European Systemic Risk Board

Ministers also approved a second instalment of emergency loans to Greece worth 9bn euros ($11.4bn; £7.5bn).

Other supervisory bodies that will oversee banking, financial markets, insurance and pensions were also agreed by the ministers.

They include the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority.

These bodies will have the power to intervene in the affairs of individual coutntries if EU members agree that the domestic regulator is failing in its duties.

They will not, however, be able to sanction measures that involve spending taxpayers’ money

The framework had already been agreed in principle earlier this month.

EU Economic and Monetary Affairs Commissioner Olli Rehn said

“I think it is important to underline that while we have stabilised the situation in the spring and during the summer concerning financial stability in the euro area, we are not out of the woods yet.”

Bank tax

German Finance Minister Wolfgang Schaeuble did not, however, dismiss the tax altogether: “My view remains that there is no certainty on this, but there is a chance [it will be introduced]”.

Ministers said they would discuss both the bank levy and transaction tax again at an informal meeting in Brussels on 30 September and 1 October.

Full article

Related:

Gordon Brown calls for EU-US Global Rule at the European Parliament (video) *

Shamed MEPs Vote NOT to Disclose ‘Criminal Abuse’ of OUR Tax Money *

EU Commission calls for financial tax and levies on carbon emissions

End of Nations - EU Takeover and the Lisbon Treaty