When the hurly-burly is done, financial rules will need rethinking, says the president of the European Commission. He is insisting that, in the future, financial markets should benefit of citizens and businesses, rather than themselves.
In this, Jose Manuel Barroso seems to differ from EU Internal Market Commissioner Charlie McCreevy’s opposition to regulating hedge
funds and private equity.
In Brussels, he said upbeat global reaction showed the EU countries’ coordinated 2.2 trillion euro rescue plan for banks was on the right track.
“I hope that now the spirits are more open for the need of a coordinated approach. Of course, we can discuss how far can we go, but I think that it is important to understand, based on the lessons learnt from the recent developments, that only a coordinated approach will give our efforts the credibility that the citizens and markets expect.”
The EU leaders are scheduled to meet in Brussels this Wednesday and Thursday to discuss their joint response to the crisis.
Prime Minister Gordon Brown’s cash-for-banks leadership in liberal and economically US-inspired Britain, which is not a member of the euro group, has contributed significantly towards the momentum building to reform capitalist systems.