BRUSSELS, June 19 (UPI) -- European Union officials have agreed on a financial supervision deal that grants European authorities oversight powers in financial dealings, diplomats say.
Agreement on the European System of Financial Supervisors by EU leaders will result in three pan-European authorities overseeing firms while serving as mediators in national regulators' disputes, the EU Observer reported.
The system's supervisors will come from the fields of banking, insurance, and securities.
British Prime Minister Gordon Brown initially opposed the use of the supervisory system as his country questioned the strong powers the financial authorities would wield.
Britain also opposed a European Commission proposal to have the European Systemic Risk Council chairman position be filled by the European Central Bank president.
The EU Observer said with an initial financial supervision deal in place, EU officials must now choose which article of the European treaties will be used while drafting the legislation.
