The EU's finance ministers agreed today (13 July) on concessions to offer the European Parliament in an attempt to secure a deal on reforming the EU's system for supervising the financial markets.
The reforms are a vital part of the EU's efforts to prevent a repeat of the financial crisis. They include the creation of three authorities with binding powers over the EU's banking, insurance and securities sectors, as well as the creation of a European Systemic Risk Board (ESRB) to monitor threats to the EU's economy as a whole.
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