EC backs early-warning system for risk

Ambitious plans laid out by the European Commission to revamp the supervisory framework of the European financial markets have raised concerns about the possible implications of creating new supervisory bodies.

The EC said in April that it would push forward with plans to create a European Systemic Risk Council (ESRC) and three new supervisory authorities to replace the committees that advise on banking, securities, and insurance and pensions.

"Better supervision of cross-border financial

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