The European Union's executive has called for tighter banking regulations to stabilise financial markets.
The President of the European Commission, Jose Manuel Barroso, said the EU needed to streamline national banking regulations. The EU's Internal Markets Commissioner Charlie McCreevy added that banks selling risky securities should hold at least five percent of such investments to share the risks. The announcement came just hours after the commission approved Britain's nationalisation of the troubled mortgage lender, Bradford Яamp; Bingley. The British move is among a string of recent European government interventions to save troubled banks.
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