Urgent review of EU state aid rules

EU state aid rules on bank guarantee schemes and re-capitilisation are being reviewed urgently to enable faster decisions by the commission.

European Competition Commissioner Neelie Kroes also said she will change her approach in judging state aid cases generally in light of the financial crisis.

She was criticised by a number of EU Finance Ministers yesterday, especially Germany, Sweden and France that accused the commission of responding too slowly to bank bail out schemes.