BRUSSELS, March 3 (Reuters) - The European Union's executive arm will propose a raft of new measures on Wednesday that include a reform of financial supervision and bankers' pay, a draft document showed.
European Commission President Jose Manuel Barroso is set to publish the draft as part of efforts to tackle a crisis that has frozen financial markets and sent investors fleeing.
"In the light of this analysis, by the end of May, the Commission will present proposals on the architecture of the future European financial supervisory system for decision at the June European Council," the draft, seen by Reuters on Tuesday, said.
"The legislative changes to give effect to these proposals will follow in the autumn and should be adopted in time for the renewed supervisory arrangements to be up and running in the course of 2010," the draft added.
The measures will need backing from the European Parliament and EU states to become law. (Reporting by Huw Jones, editing by Dale Hudson)