Europe starts work on financial overhaul - by Aoife White
(AP) European officials started work Friday on a massive overhaul of their financial system, just a day after leaders from the Group of 20 major world economies tried to fix a crisis that has sent the world into a sharp economic downturn. European Union finance ministers will spend two days talking about their troubled economies and how they should increase oversight of the financial sector — both within Europe and at the global level.
On Friday, ministers will look at sweeping proposals by the European Commission that would arm regulators with the power to fine any person breaking financial market rules and sanction any country that holds back information on tax evasion and money laundering.Bankers' pay is also in the firing line as the EU executive readies tighter rules for banks whose pay structures push executives and traders to take high risks for the promise of greater personal bonuses. But these are the low-hanging fruit and ministers are unlikely to make progress on bigger issues, such as how banks should be supervised and by who.Britain is now ready to accept a European financial stability supervisor, the country's financial watchdog said last month.
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