UK questions new European framework

A UK parliamentary committee has questioned whether the European Commission’s proposals to increase the legal and supervisory powers of European bodies will be possible under the terms of the existing Treaty agreement. The House of Lords EU Committee, conducting an inquiry into proposals for a new European framework of supervision, said moves to increase the powers of any EU micro-prudential body “is a matter of some controversy”. Indeed, the existing Treaty would not allow for such a micro-prudential body, limiting as it does the power of any EU micro-prudential supervisory body to issue rulings or decisions binding on national supervisors or governments, the committee said.