But the taskforce, headed by former French central banker Jacques de Larosière, stopped well short of suggesting a single, pan-European watchdog.
It recommended the establishment of a body under the auspices of the European Central Bank to develop policy and provide risk warnings to European Union supervisors. It also proposed another body to co-ordinate the decentralised network of supervisors monitoring individual institutions and markets.
Pointing out that the EU's crisis management infrastructure had been demonstrably inadequate, Mr de Larosière said that the 27-country bloc faced a choice: “Chacun pour soi [each for himself] solutions or . . . an enhanced, pragmatic sensible European co-operation for the benefit of all.”
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