Alliance urges EU to consider cross-border oversight

07/22/2009 |

An alliance of major financial players across Europe is appealing to the EU to consider financial-industry oversight and ways to share the burden of bank-rescue programs. The call comes as rules are being drafted by the European Commission regarding financial-industry oversight. The alliance called on the EU "to further enhance the effectiveness of cross-border oversight and trust-building amongst supervisors; progress will be needed on cross-border early intervention and common burden-sharing criteria in the event of a crisis and lender-of-last-resort situations."

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