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Commissioner Almunia wants greater co-ordination amongst European financial supervisors (Photo: European Community)

US-style 'financial socialism' not an option for Europe

The EU's economic and monetary affairs commissioner, Joaquin Almunia, has said Europe should not employ what he called "financial socialism" to solve the ongoing banking crisis by bailing out failing companies.

"Socialists like me, we are against financial socialism," he said, alluding to the multi-billion-dollar supports and nationalisations of recent weeks that Washington has engaged in to save a host of financial institutions it argues are "too big to fail."

The commissioner - ...

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Commissioner Almunia wants greater co-ordination amongst European financial supervisors (Photo: European Community)

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