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As a result of the crisis, the EU decided to establish new institutions, related to the European financial supervision: the European Board for Systemic Risk (which Mr Barnier again called with his favorite metaphor “the controlling tower”) and the European supervisory authorities: the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority. The new authorities must begin work early next year. This, however, is questionable because of the failure of the negotiations on 2011 budget between the Council and the European Parliament. Nevertheless, the Commissioner is optimistic: “The decision, which was adopted unanimously by the Council of Ministers, received broad support from MEPs from all groups, including the Bulgarian MEPs. Therefore, I am filled with confidence that on the first of January these three mechanisms will be able to start functioning.”
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