Political decisions need to be taken on how to “share the burden” when cross-border banks and financial institutions get into trouble as part of an overhaul of Europe’s financial supervisory system, business organisations said on Friday.

In a joint statement, leading associations – including the European Banking Federation, the Federation of European Securities Exchanges, the Federation of European Accountants and BusinessEurope, the umbrella group for national industry federations – all threw weight behind proposed reforms.