“We must protect European financial watchdog funding” says Euro MP

Sharon Bowles, Chair of the influential Economic and Monetary Affairs Committee in the European Parliament, has secured an amendment specifying that funding to the new European Supervisory Authorities (ESAs), which serve as pan-European financial watchdogs, should be prioritised.

In a vote today in Strasbourg on the 2013 EU budget Ms Bowles tabled the amendment on behalf of the European Parliament's liberal group, calling for the ESAs to have their own legal services in order to ensure independence, which is an essential component of their establishment.

Sharon Bowles MEP said:

"We all have to tighten our belts as a result of the 2008 financial crisis, and we certainly do need to redouble our efforts to ensure that the 2013 budget offers maximum value for money and helps to stimulate economic growth across Europe.

"But let us not forget that part of the reason this crisis affected Europe so badly was a lack of joined-up financial supervision. It is essential that these new European supervisors are properly resourced for their important pan-EU rule-making role, and this includes having access to independent legal advice."

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