EU parliament stalls nominations of financial regulators

The European Parliament postponed Tuesday the nominations of chairmen for three new pan-European financial watchdogs created to prevent crises, demanding guarantees they will be strong, independent institutions. Euro MPs flexed their muscle by putting off a vote on the confirmation hearings until the executive European Commission gives proof they will have real powers and the budgetary resources to do their work.
"The right choice of persons to head the authorities in their first years is essential if they are to truly represent strong authorities with an important say at Europe's highest financial levels," said Euro MP Sharon Bowles, who heads the parliament's economics committee. The new bodies, which began their work on January 1, were created last year to oversee banks, insurance companies and financial markets in the wake of the 2008-2009 global financial crisis.