Proposed new European System of Financial Supervision On 18/19 June 2009, the Council of the European Council (Council) proposed the creation of a new European system of financial supervisors. The new system would comprise three new European Supervisory Authorities. The objectives of the initiative would be to improve the quality and consistency of national supervision, to strengthen oversight of cross border groups and to establish a single European 'rule book' applicable to all financial institutions in the EU. The proposed new supervisors would have binding and proportionate decision-making powers, particularly in relation to a disagreement between home and host state supervisors. The Council's intention is to receive legislative proposals from the European Commission in early autumn 2009, with a view to having the framework fully in place by 2010.