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New European financial watchdogs confirmed
The European Parliament has ratified new legislation for the creation of financial watchdogs, in an attempt to prevent future banking crises.
In addition to these supervisory institutions for the banking, financial markets, insurance and pensions sectors – which will be effective from the beginning of 2011 – a board will be set up to oversee the health of Europe’s economy.
The framework, which had already won the backing of EU member states, was drawn up by finance ministers and the European Parliament earlier in September.
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