EU Pushes For Risk Monitor, New Finance Watchdog

Law360, New York (May 27, 2009, 12:00 AM EDT) -- The European Commission on Wednesday unveiled its plan for financial system regulatory reform, complete with the creation of a European systemic risk regulator and a new regulator to monitor individual financial institutions.

The plan calls for the creation of the European Systemic Risk Council to evaluate large-scale risks to the financial system, or what the European Union calls macro-prudential supervision, and the formation of the European System of Financial Supervisors that would oversee individual financial institutions.

More robust and coordinated regulation of cross-border financial institutions within...
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