03 SEP 2010

The European Union last night took its first major step towards the creation of three super regulators that could eventually take direct responsibility for the oversight of individual member states’ financial systems.

By Harry Wilson | Telegraph

In what constitutes a complete overhaul of European financial regulation, politicians agreed to the creation of new regulators to oversee the region’s banks, insurers, pensions funds and broader financial markets.

The three European Supervision Authorities (ESA) will sit above individual national regulators and will in time gain sweeping powers that will allow them to intervene in the running of national financial institutions and markets.

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