“I am urging all governments of the European Union to co-ordinate their action”, Barroso said acknowledging that there cannot be uniform responses. “But if we act on the basis of the same principles our responses will be converging"
“I am urging all governments of the European Union to co-ordinate their action”, Commission President Barroso said although acknowledging that there cannot be uniform responses within the Member States. “But if we act on the basis of the same principles our responses will be converging”, he said.
Barroso also opposed to change or suspend the existing rules on the internal market, on state aid or the stability and growth pact. They are adapted to cope with this kind of exceptional situation, he underlined.
With regard to the deposit guarantees for savers, Barroso underlined that an EU directive providing for a minimum guarantee already exists, and Member States are entitled to protect savers further and can top up this guarantee. “Our future legislative proposal will consolidate the present experience and provide for a robust framework for the future”, he said and announced convening a High Level Expert Group to come forward with a full analysis and proposal for a future architecture for our financial markets.
Finance Ministers in Luxemburg were reported to increase the minimum guarantee from 20.000 to 50.000 Euros.
Press release
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