EU finance ministers pressed to fix oversight

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BRUSSELS (AP) — European Union finance ministers are under pressure at Monday talks to fix a compromise with EU lawmakers over new financial oversight agencies due to be set up at the end of the year.

Austrian Finance Minister Josef Proell told reporters “the decision time has come” despite some nations’ reluctance to strike a deal on new European banking, insurance and market supervisors.

The European Parliament clashed with EU governments because it wants to give the new agencies more power to overrule national supervisors. It has delayed a key vote on the new oversight structure until the fall.

Finance ministers are also discussing details of banking stress tests due to be published on July 23 that they hope will assure markets that the region can cope with more shocks to the economy.