Plans to set up new European supervisors which would see Brussels have more influence over the way banking is carried out have stalled. MEPs accused EU member states of ‘dragging their feet’ on a series of reforms that would allow Brussels-based supervisors to oversee, and in some cases overrule, their national counterparts. The European Parliament has agreed to postpone the planned vote on a package of reforms to establish the new EU supervisors until September as question marks hang over whether member states and MEPs will be able to broker a workable compromise. The disagreement on financial supervision spans a number of reforms but in short they all present member states with the same question: more or less EU intervention for Europe's banks? ‘The body taking decisions should be the national supervisor,’an EU diplomat argued. His argument is shared by at least seven member states including several Central and Eastern European countries as well as the UK. Pray: that enhanced EU bureaucratic oversight will not hamper countries’ efforts to reduce their national deficits. (Mk.12:17)