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| Version 0 | Version 1 |
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| Report urges EU finance watchdog | Report urges EU finance watchdog |
| (about 6 hours later) | |
| The City of London and other financial institutions should be supervised by a new pan-European watchdog, a European Commission report will recommend. | The City of London and other financial institutions should be supervised by a new pan-European watchdog, a European Commission report will recommend. |
| Its proposals, written by ex-Bank of France Governor Jacques de Larosiere, will include an EU-wide supervisory scheme for banks and financial bodies. | Its proposals, written by ex-Bank of France Governor Jacques de Larosiere, will include an EU-wide supervisory scheme for banks and financial bodies. |
| Supporters say the banking system is too big and crosses too many borders for national supervision to function. | Supporters say the banking system is too big and crosses too many borders for national supervision to function. |
| But the UK government will wait to see the details before responding. | But the UK government will wait to see the details before responding. |
| Tighter regulation | Tighter regulation |
| Fans of the proposal think that national watchdogs like Britain's Financial Services Authority no longer make sense Mark Mardell, BBC Europe Editor Mark Mardell's Euroblog | |
| The independent group was set up by European Commission President Jose Manuel Barroso in November to look at ways of improving supervision of the financial sector. | The independent group was set up by European Commission President Jose Manuel Barroso in November to look at ways of improving supervision of the financial sector. |
| It followed criticism that Europe's response to the credit crunch and the crisis in the financial sector was too nation-based and needed more EU involvement, possibly via the European Central Bank. | It followed criticism that Europe's response to the credit crunch and the crisis in the financial sector was too nation-based and needed more EU involvement, possibly via the European Central Bank. |
| The report will run to around 30 recommendations, but it is the call for the pan-European watchdog which will attract the most attention. | The report will run to around 30 recommendations, but it is the call for the pan-European watchdog which will attract the most attention. |
| Its aim would be to give an early warning of the kind of mistakes that led to the financial crisis. | Its aim would be to give an early warning of the kind of mistakes that led to the financial crisis. |
| BBC Europe Editor Mark Mardell said supporters of the scheme would like to see national bodies like the UK's Financial Services Authority made subordinate to the new institution. | BBC Europe Editor Mark Mardell said supporters of the scheme would like to see national bodies like the UK's Financial Services Authority made subordinate to the new institution. |
| He added that Prime Minister Gordon Brown has relaxed his previous opposition to tighter regulation at a European level, but the government will wait to see the level of supervision recommended before giving its response. | He added that Prime Minister Gordon Brown has relaxed his previous opposition to tighter regulation at a European level, but the government will wait to see the level of supervision recommended before giving its response. |