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Efforts to strike a deal on the supervision of banks, insurers and financial markets in the EU intensified on Monday. The reform proposal is deadlocked over how much power the new pan-EU authorities should wield on its member states.
In the U.S., the timing of a final vote against the financial reform bill remains up in the air. For more insight, we cross over to Professor Patrick Chovanec from the Tsinghua University School of Economics and Management in Beijing. Hello, Professor Chovanec.
1. Many expect U.S. President Barack Obama to sign the financial reform bill this month. But given the Senate still hasn't decided when to vote, do you see any uncertainties in passing it?
2. There have been many changes negotiated over the past few months. What will the final bill actually do?
3. As you mentioned, a few Republican senators have agreed to support the bill, but most in the Republican party remain opposed. What are their main criticisms of the bill?