The European Union Parliament has approved new financial oversight institutions aimed at preventing another financial crisis like the one that led to massive bank bailouts at taxpayer expense.
The parliament overwhelmingly backed the plan to set up watchdog boards for the financial markets, banking and insurance sectors in addition to a European board to make sure the EU can avoid new crises.
The institutions should become active at the beginning of next year.
Parliamentary approval in Strasbourg, France, was the last hurdle for the plans, which were hailed as a major step forward in EU-wide financial management. The EU member states had already approved them earlier this month. "This is a historic watershed," said Finance Minister Didier Reynders of Belgium, which currently holds the EU presidency.
For more go to: AP
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