European Commission announces supervisory agency reforms

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The European Commission

The European Commission (EC) is proposing significant reform of the European Union’s three European supervisory agencies’ (ESAs) funding and governance, it says in a statement issued on September 20.

The proposed reforms will need to be approved, possibly in modified form, by the European Council of Ministers, representing the EU’s national governments, and the European Parliament. One main reform would create independent executive boards for the three agencies.

The European Banking Authority

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