Financial regulation change brought closer for EU

BELGIUM - European Union finance ministers will tomorrow discuss a radical shake-up of banking and insurance regulation in an effort to bolster Europe's defences against future financial crises.

The plans, which are aimed at harmonising the wide array of national rules to ensure effective pan-European supervision of banking and insurance, have been given new impetus by the Enron and WorldCom scandals, which have rocked the US financial system.

EU policymakers have been prompted by the US events