A representative from the European Union has proposed a series of sweeping reforms to the European regulatory structure that would give consolidated power to agencies that would have domain over the entire 27-country region. According to Bloomberg, Jose Barroso, president of the European Commission, proposed the development of common regulatory standards to be administered by the European Systemic Risk Board, which would supplant existing individual risk agencies. The proposal, if cleared by European Parliament and the individual EU nations, would go into place sometime next year.
European Union Proposes Centralized Regulation
The European Commission is proposing an overhaul of its regulatory structure that would give consolidated risk authority to one body.
September 23, 2009