[JURIST] A European Council [official website] summit meeting [event website] in Brussels concluded on Friday with a resolution [text, PDF] to create a new European financial supervisory and monitoring system. The new system will seek to balance the need of coordinating efforts on financial supervision, particularly in times of crisis, with the autonomy of each member nation over their own financial stability. The Council recommended

that a European System of Financial Supervisors, comprising three new European Supervisory Authorities, be established aimed at upgrading the quality and consistency of national supervision, strengthening oversight of cross border groups through the setting up of supervisory colleges and a establishing a European single rule book applicable to all financial institutions in the Single Market. . . the European Council stresses that decisions taken by the European Supervisory Authorities should not impinge in any way on the fiscal responsibility of Member States.