EU to implement De Larosiere group's proposal

The European Commission has proposed a raft of ambitious reforms to the region's supervisory framework, building on guidelines set out in the recent De Larosiere report.

The commission on Wednesday published the reforms, which will see the creation of two new authorities: a European Systemic Risk Council (ESRC) and a European System of Financial Supervisors (ESFS).

The ESRC would conduct macroprudential supervision to monitor and assess risks to the stability of the financial system as a whole

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