The European Commission offers to create an all -European financial regulator

EU regulators can obtain power over national banking structures thanks to plans to strengthen bank supervision. These plans are designed to avoid repetition of errors that led to a credit crisis, writes The New York Times .

The proposals that are expected to be published by the European Commission on Wednesday are aimed at ensuring that supranational European financial structures have the right to reserve disputes if national regulators cannot agree on the oversight of multinational financial institutions, whose companies cross the boundaries.

The commission proposes to introduce two pan -European departments. Thus, the European Council on System Risk, which will include the heads of national central banks and national control departments, will monitor growing risks and declare the need to take measures before the bank losses are irreversible.

The Institute for Monitoring Compliance with financial legislation in all 27 member countries will also be established. This agency will receive the right to apply sanctions to violators in sectors such as insurance, banking sector and financial security system.

Council meetings will be held in the European Central Bank, the same department will preside the council. According to the UK, the role of the ECB will grow dangerously. According to London, the last word should remain with national banks.