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'European Supervision for European Markets' says Sharon

September 21, 2010 4:30 PM

Liberal Democrat MEP Sharon Bowles, recently named the most influential woman in world finance by FCI, welcomes a more unified European system of supervision of financial institutions.

In a vote to be held tomorrow (Wednesday 22nd September), the European Parliament is expected to approve plans for the creation of a European Systemic Risk Board and three new European Supervisory Authorities.

The new institutions are one of the key responses to the financial crisis and are designed to reflect the highly integrated nature of Europe's financial markets.

Sharon, who led the negotiations with the Council of Ministers and European Commission to reach the agreement in her role as Chair of the European Parliament's Economic and Monetary Affairs Committee, says:

"What we really need are authorities with fingers in all of the pies, and eyes in the backs of their heads. They must become the link between different financial sectors across the EU, looking out for problems when they are developing, and considering knock-on effects when they take decisions.

"Some will be quick to bill these new authorities as taking powers away from EU Member States, but we have to recognise that banks and financial markets operate across borders. National bodies will continue to form the cornerstone of supervision - these European authorities will need to respond to the expertise of these national bodies if they are to achieve what we have mandated them to do."