EU calls for healthy financial sector reforms

BRUSSELS - Senior European officials have pledged to "set an example" by reconstructing a solid and healthy financial regulatory framework as global economies have yet to emerge from the global financial crisis.

The European Commissioner for Internal Market and Services, Michel Barnier, said the regulatory efforts, in the wake of the financial crisis, should not just be aimed at integrating Europe into a single market but also towards becoming an economic power.

Barnier's comments follow confirmation by the European Parliament last week of the appointment of three new chairmen in charge of the European authorities of banking, securities and markets, insurance and occupational pensions.