"Europe needs a cross-border regulatory and supervisory system appropriate for the Single Market," Commissioner Kroes said. Underlining that the EU member states should refrain from a nationalistic perspective.
Europe needs to have a cross-border regulatory and supervisory system appropriate for the Single Market, Commissioner Kroes said underlining that EU member states should refrain from a nationalistic perspective.
Moreover public interventions have indeed been successful in removing some of the panic from the markets, Kroes said. However, although these measures are needed for short term viability, they are not enough for viability in the long term.
The Commission is working towards a deep restructuring of some individual banks. There is an urgent need to clean up the banks, Kroes stated.
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