European stabilisation mechanism adopted
On 9 May, the EU's finance ministers adopted a regulation establishing a European financial stabilisation mechanism with a total volume of up to 500 billion euros. The mechanism is part of a comprehensive package of measures to redress the financial situation in Europe.
Stronger oversight of EU financial markets
Since the economic crash and subsequent global crisis there have been calls for closer monitoring of the financial system and better EU coordination. On Monday it was the turn of the Parliament's Economic Committee to have its say on the proposals for a European Systemic Risk Board and a European System of Financial Supervisors. Stricter controls over hedge funds and other "alternative investment funds" will be voted on 17 May.