The agreement on the EU financial supervision given to September
Negotiations on the reform of financial supervision has failed Wednesday and European agreement on the text has been postponed until September, show several European sources.
"There will be no further talks before late August or early September and I think we can say that the talks failed," a parliamentary source said.
"The core issue is Article 6 which concerns the principle of direct supervision exercised at European level by the new supervisors," the source said adding that the objective was to find a consensus with the all states, including Great Britain.
A second source confirmed the report and discussions held that "one or two additional steps the council (of EU ministers) in the direction of the European Parliament would be required to obtain an agreement."