Last night the European Parliament and the Council of Ministers agreed in principle to create three new European Supervisory Authorities and a European Systemic Risk Board.
Conservative economic and monetary affairs spokesman Vicky Ford MEP, who took part in the negotiations, said: "The new structures will allow better coordination of financial services supervisors across Europe, thus protecting consumers from cross-border crises that we witnessed.
"At the same time national governments and national regulators keep their frontline responsibility to protect national tax payers' interests.
"This agreement has been reached in principle but this is very complex multi-layered legislation and it needs to be checked by legal experts over the coming days.
"It is a pragmatic compromise. Now let's put it into action."
