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Wed 12 Dec 2009'Deal done' on European bank watchdogs
European Union finance ministers agreed today on a package to form super-watchdogs that will police banks following the economic crisis, an EU diplomat directly involved in the talks said.
The EU wants to establish three pan-European watchdogs to keep tabs on banks, insurers and trading exchanges as well as creating a Frankfurt-based agency to watch for bigger systemic risks to the economy.
"There is a deal on supervision," the diplomat said. "This agreement will be formally confirmed during a formal session in the early afternoon."
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