EU plans major reform of finance sector
26-04-2009
The European Union plans ambitious reform of the financial sector this year to address the failings that led to the current global crisis, EU Economic Affairs Commissioner Joaquin Almunia said.
He told the spring meeting of the International Monetary Fund's main steering committee that the crisis had exposed unacceptable weaknesses in the governance of international and European financial markets.
He said the reforms would aim to give the EU a supervisory framework to detect potential risks early and deal with them before they had an impact.
