Ft.com is reporting on the de Larosiere report to be published shortly which would create a new "European system of financial supervisors" whose job would be to oversee individual banks and financial institutions.
These proposals would, it is understood, mean that binding mediation powers would be given to a European supervisory authority, effectively granting them the right to over-ride decisions made by national supervisory bodies and would mark yet another significant transfer of power to the EU.
At present is is also believed that this proposal, if enacted, would require the agreement of the Council of Ministers and also necessitate a Treaty change, something negated once the Lisbon Treaty is in force due to this treaty being a 'self-amending' treaty.
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