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Proposals for better financial regulation form a major part of the commission's submission to the European Council later this month (Photo: European Commission)

EU backs new financial regulatory framework

The European Commission gave strong support for proposals on a new financial regulatory framework on Wednesday (4 March) and said their speedy implementation was crucial to restoring EU citizens' confidence in the financial sector.

"If we don't do it now, we will never to do it. We have to seize the moment. We can not defer it to the Greek calends," commission President Jose Manuel Barroso said.

Mr Barroso made the comments as he outlined the commission's contribution to the summ...

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Proposals for better financial regulation form a major part of the commission's submission to the European Council later this month (Photo: European Commission)

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