NU Online News Service, Sept. 8, 3:44 p.m. EDT

A British official endorsed a European Union plan to coordinate financial services supervision, including insurance, across EU member countries through new watchdog agencies, according to an article in the New York Times.

According to the Times article, Britain's chancellor of the Exchequer, George Osborne said, "We welcome the creation of architecture at the European level that can coordinate national supervision."

He added, "But we were obviously concerned that the interests of the British taxpayer were protected, that the voice of London was heard, and that we did nothing that would undermine the competitiveness of Europe."

Mr. Osborne's comments were made in Brussels, where he met with other EU finance ministers, the Times said.

The Times said the planned measures "represent the biggest steps the European Union has taken to prevent a recurrence of the debt and banking crises that have threatened the region's economic stability."

The measures must still be approved by the European Parliament, according to the Times.

More insight into the measures, as well as information on Britain's concerns, is available in the Times article, "Britain Backs New E.U. Oversight Plan."