Czech government cautious over new financial market supervision framework

Another issue for the Czech Republic at the summit is a deal framing future EU supervision of the financial sector. The Czech National Bank earlier this year came out against draft plans for this new supervision saying they were muddled and infringed on national regulation. The new rules are aimed at preventing a repeat of the financial meltdown that led to the world economic crisis. The Czech government has warned that it is prepared to fight on this issue. It said on Wednesday that its priority is for a high quality rather than a quick deal on financial regulation.

Author: Chris Johnstone