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The president of the European Central Bank would automatically become the chairman of the new European Systemic Risk Council (Photo: EUobserver)

Deal agreed on financial supervision

EU leaders reached a general deal on financial supervision on Thursday night, with Britain's Gordon Brown agreeing to a European System of Financial Supervisors on condition national governments maintained control over the public purse strings, say diplomats.

Britain has lobbied strenuously in recent weeks against European Commission proposals that would give strong powers to three pan-European authorities that could force national governments to recapitalise banks against their will. ...

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The president of the European Central Bank would automatically become the chairman of the new European Systemic Risk Council (Photo: EUobserver)

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