Publication

Learning from the global economic crisis, EU members have reached a long-awaited agreement on establishing a European system of banking, securities and insurance supervision that will become operational on 1 January 2011. The new micro- and macro-economic watchdog will issue warnings of possible financial turbulence, while the EU Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB) are to safeguard against such problems as those encountered during the 2008 crisis as a result of inadequate coordination between EU Member States.