国际英语新闻：EU finance ministers to overhaul financial supervision

This new financial supervisory framework would greatly contribute to a safer, sounder, more transparent and more responsible financial system, working for the economy and society as a whole, the EU said.

Based on the political deal, EU finance ministers would work on the final details in the legislative text. The European Parliament would give its vote later this month. If everything goes well, the new EU financial supervision architecture would be in place as early as January 2011.

Besides the overhaul of financial supervision, EU finance ministers would discuss reform of the International Monetary Fund (IMF) after the United States unexpectedly pushed for a major reshuffle of the 24-seat board of directors of the IMF.

The reshuffle may give emerging economies more say on the IMF board of directors and see the seats held by EU countries to be reduced.

European Central Bank President Jean-Claude Trichet said Thursday that Europe needed to speak with a united voice to ensure that it retains its influence in the IMF.

It seems unlikely that EU finance ministers would decide to cut the number of their seats at the executive board of the IMF any time soon, despite pressure from the United States, Brussels-based media EUActiv reported, citing unnamed EU sources.

EU finance ministers would also use their first meeting after the summer break to continue the ongoing reform aimed at improving economic governance and discuss the possible introduction in the EU of a levy on banks and a tax on financial transactions, which remain controversial among EU capitals.

Although EU leaders agreed in June to strengthen budgetary discipline as a response to the Greek debt crisis, the finance ministers would find themselves mired in sticky details, such as possible sanctions against those countries which breach EU budgetary rules in the future.

On both bank levy and tax on financial transactions, EU finance ministers would exchange their views and no decision was expected to be taken, EU officials said.