EU's financial rules to be discussed today

Strict new EU rules on the financial sector will be discussed by those involved in the regulation system in Ireland later today.

The Bankers' Federation, the Stock Exchange, and officials from the Department of Finance are among those invited to a meeting of the Oireachtas Committee on European Scrutiny.

The EU has plans to overhaul the current system with the introduction of legally binding regulations, including systematic risk assessment.

Failures in financial regulation are being blamed for adding to the worldwide impact of the economic crisis.