The European Parliament has ratified the creation of a new framework for financial institutions designed to prevent a recurrence of the financial crisis.
The parliament has rubber stamped a law establishing new watchdogs for the banking, insurance and pensions and financial markets which will come into effect at the start of next year. In addition to the new institutions, a board will oversee the health of Europe's economy. The new oversight regime, which has been backed by EU member states, was drawn up by EU finance ministers and the European Parliament earlier this month.
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