The greatest challenge will be reforming the global financial system, the Commission President said. We need a critical mass of players involved, and that must include China and India, Barroso underlined.
“The greatest challenge will be reforming the global financial system”, Commission President Barroso said calling for an institutional framework for global governance. “We need a critical mass of players involved, and that must include China and India”, he underlined.
Barroso also warned against single national measures and protectionism as a consequence to the crises. “We have to make the most of every action we take, and be careful not to throw away all our achievements over recent years in a panicked dash for short-term and ill-conceived measures”, he said.
“There are political forces at work that are trying to use the crisis to turn the clock back”, he said. “I want to be quite clear: the solution will not be found by looking backwards, it will be found by looking forwards.”
The Commission will come forward with an initiative on executive pay and will look at regulating derivatives, hedge funds and private equity in near future. The ‘de Larosière group’ will look at cross-border financial supervision in Europe and will present its first results in time for the Spring European Council.
Full speech
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