Finance minister has faith in EU regulation

Thursday 18 June 2009

Finance minister Wouter Bos said on Thursday he was confident the EU could reform its system of financial regulation, despite EU objections to the proposal to give a leading role to the European central bank.

'I have faith that we will reach a deal,' Bos told news agency Dow Jones during a meeting of EU finance ministers.

Last week finance ministers agreed to create an umbrella supervisory body and stressed that only national governments should decide whether to prop up struggling banks, Dow Jones said.

And Britain and a number of eastern European countries which have not adopted the euro were unhappy at proposals to make the president of the ECB the head of the new supervisory body.

© DutchNews.nl

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