EU agrees new financial supervision framework

Friday, September 10, 2010

European Union finance ministers have agreed to establish a new framework for financial supervision, designed to help prevent future financial crises.

The measures include a European Systemic Risk Board to oversee the health of Europe's economy.

Ministers also approved a second instalment of emergency loans to Greece worth 9bn euros ($11.4bn; £7.5bn).They were unable, however, to agree a new Europe-wide bank levy or bank transaction tax.

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