Improving Banking Supervision in Europe After the Crisis

As Europe moves closer to centralized bank supervision, the European Court of Auditors, which monitors spending by EU agencies and institutions, issued a report on the role of the European Banking Authority on Wednesday, as well as recommendations for addressing shortcomings. These include working with national regulators to improve cross-border supervision, and a clarification of the roles of the EBA and the European Central Bank once the latter takes over as the single banking supervisor later this year. The audit is the first of a series on EU institutions dealing with the crisis.