EU countries agree on tougher financial supervision

BERLIN. February 23. KAZINFORM. Major European Union (EU) countries on Sunday agreed on concrete measures to reinforce supervision of world financial markets.

The EU nations have proposed tougher supervision of hedge funds and credit rating agencies, as well as a crackdown on tax havens, according to a chair's summary released after a meeting of European leaders and finance ministers here. The EU leaders also want to prevent excessive risk taking through binding guidelines on corporate bonus payments and call for moves to monitor all major cross-border financial institutions through the creation of new watchdogs; Kazinform quotes Xinhua.