Barroso calls for unity over financial crisis

Barroso calls for unity over financial crisis

EU president Jose Manuel Barroso today called for European governments to pull together in their attempts to deal with the global credit crisis.

It follow reports that France are to implement a similar deposit guarantee scheme as Ireland has for its banking system.

Mr Barroso said it was “critically important for the credibility of markets” for governments to work together on urgent bail-outs for troubled banks, and find longer-term solutions to fix problems in the banking system.

He said the European financial system coped well in recent days but “there are some difficulties and we should certainly do more and do more efficiently.”

This was essential to restore confidence in the markets, he said. Banking shares have sunk significantly in recent days.

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