Barroso enters fray over bank support

Article reported that José Manuel Barroso, President of the European Commission, would present his own plan for Europe-wide bank recapitalisations imminently, the clearest sign yet that the region’s leaders could come up with a strategy to shore up its financial sector as soon as a European Council summit in October 2011.

Mr Barroso did not say whether he believed the effort should be done by national capitals or through the eurozone’s €440bn bail-out fund, the European financial stability facility. Member States were said to be divided on this with countries such as Germany, the Netherlands and Finland more on the side of national contributions.

Financial Times Deutschland, 12.10.11: Billions for banks (via PressEurop) http://www.presseurop.eu//en/content/news-brief-cover/1048751-billions-banks

EurActiv, 7.10.11: Barroso urges 'coordinated' bank recapitalisation http://www.euractiv.com/euro-finance/barroso-urges-coordinated-bank-recapitalization-news-508204

Spiegel Online International, 7.10.11: Europe Begins Working on Plan B for the Euro http://www.spiegel.de/international/europe/0,1518,790543,00.html

ESO: Background information: Banks face new European stress tests / IMF urges swift action on Europe banks / Merkel willing to recapitalise banks / How to recapitalise a continent’s banks http://www.europeansources.info/record/banks-face-new-european-stress-tests-imf-urges-swift-action-on-europe-banks-merkel-willing-to-recapitalise-banks-how-to-recapitalise-a-continents-banks/

Les Echos, 7.10.11: The hour of our recapitalisation has come (via PressEurop) http://www.presseurop.eu//en/content/news-brief-cover/1032281-hour-our-recapitalisation-has-come

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