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Plan for EU financial sector supervision has faults-CNB's Tomsik.
(From Czech News Agency)
Prague, March 1 (CTK) - The plan for the establishment of two new institutions to supervise the financial sector in the EU has defects, Vladimir Tomsik of the Czech National Bank (CNB) said in a discussion programme on Czech Television today. The proposal was recommended to the European Commission by a high-level group, headed by former International Monetary Fund Managing Director Jacques de Larosiere. Tomsik, for instance, criticised the fact that a multinational regulator would oversee the European markets, while liability would continue to rest with institutions in individual states. He said this is something "with which we cannot entirely identify ourselves." Legal status of the new offices is also lacking in the report and so is the method of their financing, said Tomsik. According to him, the document does not take into account the basic principles of the future system of regulation and oversight in the EU that were published by the CNB at the end of last year. "Supervision ...
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