Czechs okay overhaul of EU’s financial supervision

Along with other EU nations, the Czech Republic has agreed with the overhaul of the EU’s financial supervision structure, Czech Finance Minister Miroslav Kalousek told reporters after Tuesday’s meeting of EU finance ministers in Brussels. The Czech Republic, which opposed the reform, agreed to back the plan after other critics such as the UK, withdrew their objections. The Czech finance minister said that Prague gave in so as not to disrupt the unity in the Council of the European Union, and to gain a better negotiating position on other issues. The European Union will establish three regulatory institutions as part of the approved measure that will supervise the banking, insurance and financial market sectors.