EU financial structure to incorporate safety net

THE EU’s financial system is to have a comprehensive new supervision system in force from next January, aimed at preventing another financial crisis.

EU financial structure to incorporate safety net

But while finance ministers finally agreed the new arrangement, they are deeply divided on devising a bank levy to offset future bailouts and on a financial sector tax.

The financial supervision system involves creating a European Systemic Risk Board (ESRB) to provide macro-prudential oversight of the financial system, and three supervisory authorities.

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