weden makes push to shake up EU policing of banks

BRUSSELS, Dec 1 (Reuters) - Sweden urged European Union countries on Tuesday to agree on setting up super-watchdogs to prevent a repeat financial crisis, as the bloc's finance ministers gathered for what promises to be tense talks.

The 27-country EU wants to establish three pan-European watchdogs to keep tabs respectively on banks, insurers and trading exchanges as well as setting up a Frankfurt-based agency to watch for bigger systemic risks to the economy.


Yahoo! BuzzOn banks, the ministers are to examine an EU blueprint that would create a London-based body to be the ultimate arbiter in the region and which would tackle problems that it judges national watchdogs have ignored.

But this bid to shake up the policing of financial services has divided opinion among the bloc's bigger countries. Sweden, holder of the EU presidency in the second half of this year, has been trying to bridge the divide.

'It's now time to come to agreement and start negotiations with the European Parliament,' Swedish Finance Minister Anders Borg told reporters.

'My assessment is that we are close on all the relevant paragraphs,' said Borg, speaking before Tuesday's meeting of finance ministers from the 16-country euro zone, who will be joined on Wednesday by their counterparts from the broader EU.

Source:forbes.com/