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Published date: 21 March 2019

Financial supervision: Council Presidency and Parliament reach provisional deal on supervisory framework for European financial institutions (190/19)

The EU will soon have in place an improved supervisory framework for European financial institutions, including strengthened supervisory powers for the European Banking Authority in the area of anti money laundering and terrorist financing.

The Romanian Presidency of the Council and the European Parliament reached a provisional agreement on a set of proposals to review the functioning of the current European system of financial supervision (ESFS). The deal will now need to be confirmed by EU ambassadors.

"Today we took a major step in modernising the way financial institutions are supervised in Europe. In particular, the fact that the European Banking Authority will now have real powers to monitor anti-money laundering and terrorist financing issues should enable more convergence among member states and decisive action in the EU."
Eugen Teodorovici, minister for finance of Romania

The European system of financial supervision was established in 2011 and consists of:

  • three European su