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http://www.eca.europa.eu/en/Pages/NewsItem.aspx?nid=4967 A report published by the European Court of Auditors reveals that the Commission's reform of banking sector legislation and the creation of the European Banking Authority were important first steps in response to the financial crisis. The European Banking Authority has provided the elements of a new regulatory and supervisory system for the banking sector, taking into account its resources and limited legal powers. However, shortcomings were identified in cross-border banking supervision, the assessment of the resilience of EU banks, and the promotion of consumer protection. Find more information on the European Court of Auditors website: http://www.eca.europa.eu/en/Pages/NewsItem.aspx?nid=4967
