The agreement seeking an improvement in the financial management in Europe has been put off until September, as presently the authorities are finding it difficult to determine the jurisdiction of the scrutinizing committees.

The proposed overhaul will be given a go-ahead by the member states and the Parliament of Europe. Now, the duo has split over the decision on the powers to be given to the three new "European Supervisory Authorities", which are supposed to take care of the financial services.

Arlene McCarthy, Vice Chairman of the European Parliament's Committee on Economic and Monetary Affairs, said that the authorities are putting in the best of their efforts to ensure that the both the sides focus on the monetary tightening situations in the Euro zone.

"We're at different stages in the process but what we're doing is sharing ideas", she said.

The European Union regulators are in the favor of strengthening the proposed powers of the Supervisory authorities, while a couple of member states including the UK have raised objections against it.

The two sides are debating over the powers of controlling credit rating agencies, as well as mediation i. e., the authority of declaring financial emergency, to be assigned to ESAs.

"It was much more co-operative" said Sven Giegold, one of the MEPs involved.