France has reacted to the global financial crisis by proposing a European rescue package to prevent the collapse of any bank.
French Foreign Minister Christine Lagarde, whose country currently holds the rotating EU presidency, told the German daily, Handelsblatt, that she would present the package this weekend but did not say how large it would be. Meanwhile, European Commission President Jose Manuel Barroso said the EU needed to streamline national banking regulations. EU Internal Markets Commissioner Charlie McCreevy said that banks selling risky securities should hold at least five percent of such investments to share the risks.
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