A new European Union (EU) financial services tsar tasked with regulation and ensuring financial stability in the EU would be appointed in Brussels under new plans being considered by Jean-Claude Juncker, the incoming European Commission president.
Juncker is considering creating a stand-alone finance directorate. The plans will give a single commissioner a united financial services portfolio. At present EU financial regulation is overseen by Michel Barnier, the internal market commissioner and former French foreign minister.
Senior EU officials say the new finance directorate would probably move banking and markets units from Barnier’s department and combine them with the financial stability unit taken from the department for Economic and Financial Affairs.
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