The European Commission has proposed to create a new regulator of the financial system of the EU.

KommentariiZakat Evropy15.05.2009Srazu some of the Old World perennial updated records of rates of economic spadaEvrokomissiya has proposed creating a new organization that will monitor the financial system, the EU, the Agence France-Presse.
In particular, the European Commission proposes the establishment of the European Council on systemic risk (European Systemic Risk Council, ESRC), which is headed by the President of the European Central Bank. The main objective of the organization will collect and analyze information, important from the viewpoint of financial stability in the EU.
The European Commission believes that the establishment of the systemic risks will be an adequate response to the challenges facing the EU countries during financial and economic crisis.
In addition, the European Commission proposes to establish a European system of financial monitoring (European System of Financial Supervisors, ESFS), which will include representatives of bodies that monitor the activities of banks, insurance companies and securities market. The European Central Bank will supervise the general state of the economy, rather than by specific lenders.
Against the European Commission has already made plans for the UK, the main financial center of the EU. British authorities feared that the new financial regulators will have too much authority, which, in turn, may run counter to the interests of individual EU countries.
In doing so, the head of the European Commission Jose Manuel Barroso believes that new controls should begin its work in 2010. The new architecture of financial monitoring EU must still approve all 27 countries of the European Union and the European Parliament.
The European economy is affected by the global crisis experienced in the first quarter of 2009, the largest landslide in modern history. At the same time, GDP fell in all big and small countries, as members of the euro area, and located outside. In particular, euro area GDP in the first quarter of 2009 fell by 2.5 percent compared with the previous quarter.