McCreevy unsure when financial instability will end

EU Commissioner Charlie McCreevy says it is impossible to know when instability on the international financial markets will end.

Speaking in Dublin this morning, the former Irish Finance Minister welcomed an agreement by politicians in the US to launch a $700bn (€489bn) rescue package for the American banking system.

He also insisted that, while the EU was examining new regulatory rules, he did not believe there was any inadequacy in the current system of regulation.

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