European Commission Puts Banks Under Strict Control

The European Commission adopted a draft regulation that establishes a single system of supervision for financial institutions at the continental level.

According to the Executive officials of the European Union, the new system aims to integrate and consolidate national control of banks, insurance companies and securities markets so as to avoid the emergence of new crises such as that which we cross at the moment.

“A better supervision of financial markets is essential for reasons both moral and economic. The Commission made these proposals to help restore confidence, to a better protection against crises, to protect future growth and jobs” said Commission President Jose Manuel Barroso.

European official added:” We must to do this now or we will not make it ever. If we cannot reform the financial sector and supervisory system now when we have a real crisis, then when we will do this?”