The European Commission and other EU officials are celebrating after the Prime Minister accepted on Thursday night the creation of European supervisors over national regulators.

Senior EU officials described how in return for a promise that Brussels regulators can not have power to tell the British government when, and by how much, to bail out banks, Mr Brown has given ground on a broad range of other supervisory powers.

via Gordon Brown surrenders key powers over financial regulation to Brussels – Telegraph.

See also King seeks empire and EU ‘risks lagging US on regulation’.

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