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POL 423 Journal 17 - This is an interesting article that...

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Financial Times Europe’s banking chief pledges t use new powers on oversight Tuesday, February 16, 2011 Journal 17 The European Union has created a banking authority agency that plans to use new powers to impose more oversight on banks. This move however, will weaken the national governments regulators, but many in the European Union see that as something that is necessary, because for the past five years the E.U. has been trying to get the national regulators to boost banks liquid assets and harmonize their rules. This grab for power is hitting some resistance however. Many of the national regulators do not want to lose their power over their banks.
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Unformatted text preview: This is an interesting article that shows the gain of power the E.U. is getting with the onset of these new rules from the creation of this agency that has a lot of authority when it comes to the banks in the European. This kind of shows the conundrum the member states are in, they want to use the E.U. and gain from all the good programs and policies it offers, but the national governments still want to hold on to as much power as they possibly can, even if that means showing resistance to a plan that will help them. It will be interesting to see how these governments cope with this new agency and the power it has....
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