Europe's top football clubs will be forced to open their books to a financial watchdog if they want to play in the Champions League or other UEFA competitions.

The Club Financial Control Panel was set up today by UEFA at a meeting of the governing body's executive committee in Copenhagen.

It will be used to enforce the conditions of UEFA's licensing system, to which all clubs must adhere to be eligible for elite club competitions.

The financial health of the club game has become a key issue for UEFA president Michel Platini, who has previously criticised Premier League clubs for running up huge levels of debt. The licensing system could be used to keep those debt levels in check.

A UEFA spokesman said today: "The main task of the panel will be to conduct financial audits on clubs in order to ensure that licences were correctly awarded and it may further conduct spot-checks, and/or investigations, to ensure that the integrity rules are observed by the clubs.

"This is the first concrete measure to improve financial fair play in UEFA club competitions."

The new panel will be appointed by UEFA and be composed of financial and legal experts.

They will be charged with supervising the correct application of the licensing system which will include minimum financial standards.