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EU split on common financial supervisor-Barroso


Brussels : European Union member states remain divided over the need to set up a pan-EU financial supervisor despite the deepening global financial crisis, REUTERS quoted the chief of the bloc’s executive arm as saying on Thursday.

“There is not yet agreement about the need for a coordinated response, for instance, on a supervisory authority,” European Commission President Jose Manuel Barroso told a seminar.

He added he was not satisfied by the level of cooperation among the bloc’s 27 countries, despite a deal this week among their finance ministers.

He confirmed the Commission would present next week a draft law regulating credit rating agencies, blamed partly by many analysts for some of the financial woes.