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Europe-wide financial regulation system coincides with Hungarian endeavors, Oszkó says

The EU finance ministers' decision taken on Wednesday on a Europe-wide system of financial regulation coincided with Hungary's endeavors since Hungary had initiated the creation of the system, Finance Minister Peter Oszkó said in Brussels late on Wednesday.

The compromise version approved by the EU finance ministers on Wednesday somewhat differs, however, from the original Hungarian proposals envisaging a more uniform system with broader powers, he added.

He said the European Parliament is still to vote on the issue, but the criteria and interests represented by Hungary will remain the same.

If the proposal is approved by the European Parliament, Oszkó said, the EU will take a historic move in developing its system of regulatory authorities.

Under the decision taken in Brussels, three authorities to be set up by the end of next year will supervise the banking, insurance and securities market sectors, and a fourth body will be established for a global overview. (MTI-Econews)