European banking supervision taking shape, say EU Auditors

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The European Court of Auditors has said that the Commission’s reform of the banking sector legislation and the creation of the European Banking Authority were “important first steps” in response to the financial crisis.

In a report published published on Wednesday, EU Auditors say that the European Banking Authority has provided the elements of a new regulatory and supervisory system for the banking sector, taking into account its resources and limited legal powers.

However, shortcomings were identified in cross-border banking supervision, the assessment of the resilience of EU banks, and the promotion of consumer protection.

 

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