Members of the European Parliament unveiled plans to enhance the authority of new pan-European financial regulators. For example, the changes would give the banking authority a binding mediation role for resolving conflicts among national regulators. The move is expected to face opposition from the UK. José Manuel Garcia-Margallo y Marfil, Spanish member of the European Parliament, suggested establishing the European Financial Protection Fund, which would help banks "facing difficulties when those could menace financial stability of the European single financial market".
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