Saturday

23rd Mar 2019

Brussels calls for EU-wide response to financial crisis

  • A joint European action is important for restoring confidence in the markets, says Mr Barroso. (Photo: EUobserver)

Days ahead of a meeting of the European members of the G8 for talks on the current financial turmoil, European Commission President Jose Manuel Barroso urged European governments to increase their co-operation to counter the crisis, and called for international oversight of financial markets.

The challenge Europe is currently facing is not only "to inject liquidity into the markets," Mr Barroso told a news conference in Brussels on Wednesday (1 October).

Read and decide

Join EUobserver today

Support quality EU news

Get instant access to all articles — and 18 year's of archives. 30 days free trial.

... or join as a group

"We also need to inject credibility into the markets – in terms of European and of global governance of the financial system," he said.

And in order to restore confidence in the markets, a joint European action is "particularly important," the commission president added.

Specifically, the president called for "a further strengthening of the supervision structures at the European level."

Mr Barroso also wants to see a reform of the current accounting rules and reforms to ensure the consistency of deposit guarantee schemes across Europe.

Echoing calls from many quarters complaining that those responsible for the crisis have profited from their errors, he also called for an increasing in the transparency of executive pay.

The European financial system 'can cope'

Despite the challenges however, he said: "Our system can cope, the European financial system has the ability to respond," echoing a statement made earlier today by Jean-Claude Juncker, the chair of the group of EU countries using the euro.

"The Europeans can have confidence in their banking system," Mr Juncker told French radio Europe 1 on Wednesday morning, adding that he did not believe any government would let a "big European bank" go bankrupt.

Luxembourg's premier also called for a stronger pan-European response and for the EU to take the leadership in countering the financial crisis.

The statements of both Mr Barroso and Mr Juncker come just days before they are to meet the European leaders of the G8 group of leading industrial nations – France, Germany, Italy and the UK – together with the president of the European Central Bank, Jean-Claude Trichet, on Saturday (4 October) in Paris.

Besides conducting talks on the financial crisis and on possible solutions, the leaders are to use the meeting to prepare for a global international summit, which the French EU presidency is hoping to hold before the end of the year.

The topic is also expected to figure high on the agenda of the EU summit of heads of state and governments from 15-16 October in Brussels.

Feature

Romania enlists priests to promote euro switchover plan

Romania is due to join the single currency in 2024 - despite currently only meeting one of the four criteria. Now the government in Bucharest is enlisting an unlikely ally to promote the euro to the public: the clergy.

Vestager says 'no' to Siemens-Alstom mega-merger

The EU blocked the merger of the makers of Germany's ICE and France's TGV trains, citing concerns of reduced competition and extra costs for consumers and taxpayers. The two countries now want to change the rules.

News in Brief

  1. EU leaders at summit demand more effort on disinformation
  2. Report: Corbyn to meet May on Monday for Brexit talks
  3. Petition against Brexit attracts 2.4m signatures
  4. Study: Brexit to cost EU citizens up to €40bn annually
  5. NGOs demand France halt Saudi arm sales
  6. Report: Germany against EU net-zero emissions target
  7. Former top EU official takes job at law firm
  8. Draft text of EU summit has Brexit extension until 22 May

Feature

Romania enlists priests to promote euro switchover plan

Romania is due to join the single currency in 2024 - despite currently only meeting one of the four criteria. Now the government in Bucharest is enlisting an unlikely ally to promote the euro to the public: the clergy.

Trump and Kurz: not best friends, after all

The visit of Austrian chancellor Sebastian Kurz to the White House on Wednesday showed that the current rift in transatlantic relations is deepening by the day.

Stakeholders' Highlights

  1. Nordic Council of MinistersNew campaign: spot, capture and share Traces of North
  2. Nordic Council of MinistersLeading Nordic candidates go head-to-head in EU election debate
  3. Nordic Council of MinistersNew Secretary General: Nordic co-operation must benefit everybody
  4. Platform for Peace and JusticeMEP Kati Piri: “Our red line on Turkey has been crossed”
  5. UNICEF2018 deadliest year yet for children in Syria as war enters 9th year
  6. Nordic Council of MinistersNordic commitment to driving global gender equality
  7. International Partnership for Human RightsMeet your defender: Rasul Jafarov leading human rights defender from Azerbaijan
  8. UNICEFUNICEF Hosts MEPs in Jordan Ahead of Brussels Conference on the Future of Syria
  9. Nordic Council of MinistersNordic talks on parental leave at the UN
  10. International Partnership for Human RightsTrial of Chechen prisoner of conscience and human rights activist Oyub Titiev continues.
  11. Nordic Council of MinistersNordic food policy inspires India to be a sustainable superpower
  12. Nordic Council of MinistersMilestone for Nordic-Baltic e-ID

Latest News

  1. Italy takes China's new Silk Road to the heart of Europe
  2. What EU leaders agreed on climate - and what they mean
  3. Copyright and (another) new Brexit vote This WEEK
  4. EU avoids Brexit crash, sets new date for 12 April
  5. Campaigning commissioners blur the lines
  6. Slovakia puts squeeze on free press ahead of election
  7. EPP suspends Orban's Fidesz party
  8. Macron is confusing rigidity with strength

Join EUobserver

Support quality EU news

Join us