Shake-up promised for Europe's financial rules

European Commissioner Charlie McCreevy tonight promised a shake-up of Europe’s financial rules to protect taxpayers from irresponsible risk-taking by global money manipulators.

He criticised the failure of financial institutions to understand the scale of risk they took on in the run-up to the worldwide turmoil in the markets, declaring: “No doubt the size of the profits that were rolling in blunted serious risk analysis.”