Mr Jos© Manuel Duro Barroso, President of the European Commission spoke at the 9th Summit of Chairmen of EPP-ED parliamentary groups in the national parliaments in the EU. He indicated that "...We need to build the right regulatory framework to minimise the risks of future crises. The European Council will therefore ask for accelerating the work done on the Commission's proposals on capital requirements and rating agencies.

We need to reinforce capital requirements for financial institutions, to rein in reckless speculation based on borrowed money. We need to improve regulation of credit rating agencies. And we will this week adjust EU accounting rules in order to be sure that EU financial institutions are not disadvantaged vis -vis their competitors in the United State.

 

http://ec.europa.eu/

13 October 2008