EU financial supervision of risky bank deals

With the EU decision to establish a European financial supervisory authority the 27 different political frameworks governing financial services will at last be centralised, the liberal business paper Handelsblatt writes approvingly: "Even Deutsche Bank should be thankful that the EU is now finally unravelling the tangle of national financial market laws and bundling them together, particularly since national legislators are constantly producing new contradictions. ... Last but not least, the foundation of the EU financial supervisory body is good news for taxpayers. They suffer under the burden of billions in costs for the huge gaps in national supervision that opened up during the financial crisis. ... The European bank supervisory authority will in future have the power to stop risky deals when a major bank gets into trouble - if necessary against the will of a passive national supervisory authority."

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