Tuesday, November 24,  11:26 pm

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A group of top financial regulators and bankers called for tighter, more coordinated supervision of the European Union financial sector on Wednesday but stopped short of demanding a single central regulator to oversee all 27 member states.

The eight-man committee, led by former International Monetary Fund chief and one-time governor of the Bank of France Jacques de Larosière, called for closer scrutiny of the credit ratings agencies and the establishment of an EU-wide risk warning system, with powers to override national regulators that don't move fast enough to address risk.

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