EU's Barroso says to unveil bank plan on Wednesday

11th October 2011, Comments 0 comments

EU Commission head Jose Manuel Barroso said he would unveil proposals to recapitalise European banks on Wednesday.

"Tomorrow, in the commission I will make some proposals on some of those topics," including the recapitalisation of European banks, Barroso said at a press conference Tuesday in the Hague at the end of talks with Dutch Prime Minister Mark Rutte.

Last week Barroso said the Commission would propose coordinated action by EU member states.

"We are now proposing to the member states to have a coordinated action to recapitalise banks and get rid of toxic assets they may have," Barroso said last week in an interview with Euronews TV.

He later noted European banks were already in the process of increasing their capital, but that additional efforts were needed and that "coordination at a European level is of course essential."

French President Nicolas Sarkozy and German Chancellor Angela Merkel on Sunday vowed to come up with a comprehensive response to the eurozone debt crisis within weeks.

Without announcing concrete details, Sarkozy promised "lasting, global and quick responses before the end of the month."

© 2011 AFP

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