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Brussels has laid the groundwork for "the establishment of three pan-EU watchdogs to oversee controls on banks and insurers", reports the Financial Times. On September 2, Europeans agreed on the creation of agencies that, as of next year, will oversee "banks, insurers and securities markets". This will involve "the creation of a European Systemic Risk Council to assess threats to regional financial stability", the daily continues. "The deal comes after months of negotiations between European parliamentarians, who generally favoured handing the watchdogs' substantial powers, and member states, who were inclined to limit their remit.", explains the FT. While details are still being worked out, the agreement will probably become an agenda item at the September 7 meeting of EU finance ministers, and will likely be formally presented to the European Parliament by the end of the month.
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