European government leaders ended a two-day summit in Brussels on June 19, after agreeing to create a continent-wide financial regulatory body. EU leaders also agreed to back European Commission President Jose Manuel Barroso's bid for another term in office.
“European Union regulators may get the power to overrule national banking authorities under plans to tighten banking supervision that are aimed at avoiding a repeat of mistakes that led to the credit crisis,” the New York Times noted on May 27 in “European Union Looks to Tighten Banking Supervision.” The proposals “call for new European supervisors to have the right to step in and settle disputes if national regulators cannot agree on the oversight of multinational financial institutions.”
The highly secretive Bilderberg Group held its 2009 annual meeting from May 14 to 17 at a luxury resort in Athens, Greece. As always, there was very little publicity and so we have a lot of speculation and few actual specifics.