Money transfers may be protected under EU reforms

Britons who have made money transfers to overseas investments may be better protected from future recessions thanks to European Commission reforms.

EC chief Jose Manuel Barroso recently revealed that plans that seek to regulate the financial sector via three European-wide bodies are likely to be supported by member states.

"I think I am not exaggerating in saying that there was a very high level of convergence around our proposals," commented Mr Barroso.

The regulators would over-see the running of insurance companies and banks, which may help to protect expat's investments, although the bodies will not be able to order governments to provide subsidies to failing businesses.

If implemented, it is hoped that the reforms will help to flag-up economic downturns well before they occur.

In other news, expats' money transfers to the Baltic Sea region may increase following EC investment in the area, which is dedicated to improving the area's transport links.

Click here to make an International Money Transfer.

By Linsey Summers.