From The BBC:
The European Union (EU) has unveiled plans for new “super-regulators” across the banking sectors in Europe.The proposals include a European Systemic Risk Board to warn of future risks, and watchdogs over banks and insurers across the EU’s 27 nations. The EU said it was necessary to prevent another financial crisis, and even suggested deeper reforms. “The European system can also inspire a global one and we will argue for that in Pittsburgh,” it said. Landmark proposalsLeaders of the G20 are meeting in Pittsburgh later this week. The reforms, unveiled by European Commission President Jose Manuel Barroso, are the first attempts to create supra-national regulators that can overrule local watchdogs. As well as a new systemic risk board, which would be staffed by the European Central Bank and based in Frankfurt, the EU has proposed three new bodies to watch banks, insurers and exchanges. “Our aim is to protect European taxpayers from a repeat of the dark days of autumn 2008, when government…
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