Crisis reveals need for better EU oversight - IMF

A lack of regulatory integration is, in part, responsible for the severe impact of the US subprime crisis on financial markets in the eurozone, according to Michael Deppler, head of the International Monetary Fund's (IMF) European department.

Deppler said: "There is a risk that Europe's supervisory arrangements are not keeping up with the explosion in cross-border financial flows within Europe."

He added: "Europe is torn when it comes to financial integration. On the one hand, there is a strong

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