The club financial control panel, made up of eight financial and legal experts, will be in charge of ensuring clubs are complying with UEFA's club licensing system.

The system obliges all clubs to file up-to-date accounts and display financial integrity, and the panel will have the power to carry out spot checks.

UEFA general secretary David Taylor told www.uefa.com: "This is the first step to have concrete measures to promote what we call financial fair play.

"We already have a club licensing system across Europe, a system based on national licensing by national associations or leagues.

"We feel that it is important to have something at European level and the panel will look specifically at the finances of clubs and how they are structured. As from next season, this panel will be doing continuous monitoring."

UEFA's executive committee today approved the creation of the panel ahead of tomorrow's Congress in Copenhagen.

The executive committee also agreed on the principle that there should be no transfers of players aged under 18 within or into Europe and will hold further talks with FIFA and the European Commission on the issue.

Taylor added: "This is very much a moral campaign. UEFA and FIFA are in entire agreement, what we have to do is to talk once more to the European Union about football's unanimous desire.

"We want everything to be on the basis of 18 [years of age] and we want to stop the trafficking of young people between countries and particularly between continents."

The committee also confirmed the list of bidders for Euro 2016: France, Italy, Norway/Sweden and Turkey. The tournament will be the first to feature 24 teams.