“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.”
North Korea’s belligerence has now extended to restarting its main nuclear reactor, declaring itself no longer bound by the 1953 Korean War armistice, and threatening to attack South Korea if it participates in U.S. efforts to inspect North Korean ships that may be carrying missiles.
“One day after its nuclear test drew angry and widespread condemnation, North Korea continued to defy the international community on Tuesday by test-firing two more short-range missiles, a South Korean government official said,” the New York Times reported on May 26. The BBC pointed out on the same day that South Korea’s Yonhap news agency “said the test involved one ground-to-ship missile and one ground-to-air missile.”
IRNA, Iran's state-controlled news agency, quoted a statement made by President Mahmoud Ahmadinejad on May 20 that his country has test-fired the new Sejil-2 missile, which has a range sufficient to reach Israel, southeastern Europe, and U.S. bases in the Middle East. The launch came at a time of increased tensions between Iran and eastern nations suspicious of the Islamic state's nuclear-enrichment program and its potential to produce nuclear weapons.