Barroso: EU nations can bounce back from financial crisis

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Source: CCTV.com | 10-15-2008 08:34

EU Commission President Jose Manuel Barroso says unprecedented coordination in Europe has made possible the current rescue package.

European Commission President Jose Manuel Barroso addresses a news conference ahead of a European Union summit in  Brussels October 14, 2008.(Thierry Roge/Reuters)

European governments and central banks have worked together in recent days to establish banking guarantees and cut interest rates.

Barroso says European nations can bounce back from the financial crisis, but they must rethink financial regulations and supervisory rules.

Jose Manuel Barroso, EU Commission President, said, "We will tomorrow adopt a proposal for a revised directive on deposit guarantees. It will consolidate action already taken at national level and the Commission's guidance into a common instrument. This will confirm to citizens that Europe is serious about protecting their savings while taking action to stabilize financial system."

Editor:Zhang Pengfei