Brussels set to form EU banking watchdog

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The European Commission has agreed with EU states to create three organisations to oversee banks, insurers and financial markets from the start of next year.

The supervisory bodies will be able to overrule decisions made by the UK's Financial Services Authority and the Bank of England and intervene at their own discretion.

They will also be able to investigate particular financial practices. Naked short-selling was singled out by the European parliament as an example.

A deal must still be given the green light by the European parliament and finance ministers, however.

The move is intended to help prevent a repeat of the banking meltdown by increasing supervision of the sector.

However, critics complain it is an unnecessary attack on the City.

"This could be absolutely disastrous for the City of London," said David Buik of BGC Partners. "The UK banking system is superior to that of Europe and needs no guidance from the European Union, despite our uncomfortable membership."