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European Commission President Jose Manuel Barroso talks to journalists after a news conference in Lisbon October 7, 2008. The European Commission has proposed raising bank deposit guarantees in European union member states to 100,000 euros ($135,900), Commission President Jose Manuel Barroso said on Tuesday.
Alistair MacDonald, head of the European Commission in Manila, gestures during a press conference on October 6, 2008. MacDonald urged the Philippine government and the Moro Islamic Liberation Front (MILF) to end the fighting on the island of Mindanao and resume peace talks saying the European Union will extend seven million euros (almost 10 milion USD) in emergency aid for people displaced by the Muslim insurgency in the southern Philippines.
Alistair MacDonald, head of the European Commission in Manila, gestures during a press conference on October 6, 2008. MacDonald urged the Philippine government and the Moro Islamic Liberation Front (MILF) to end the fighting on the island of Mindanao and resume peace talks saying the European Union will extend seven million euros (almost 10 milion USD) in emergency aid for people displaced by the Muslim insurgency in the southern Philippines.
From left, European Commission President Jose Manuel Barroso, French President Nicolas Sarkozy, Italian Prime Minister Silvio Berlusconi, European Central Bank President Jean-Claude Trichet, British Prime Minister Gordon Brown and Luxembourg's Prime Minister Jean-Claude Juncker arrive to attend a working meeting during an emergency financial summit at the Elysee Palace in Paris, Saturday Oct. 4, 2008. The global financial crisis is forcing the leaders of France, Britain, Germany and Italy to come together for an emergency summit in Paris.
From left, European Commission President Jose Manuel Barroso, Luxembourg's Prime Minister Jean-Claude Junker, German Chancellor Angela Merkel, French President Nicolas Sarkozy, British Prime Minister Gordon Brown, European Central Bank President Jean Claude Trichet and Italian Prime minister Silvio Berlusconi attend a working meeting during an emergency financial summit at the Elysee Palace in Paris, Saturday Oct. 4, 2008. The global financial crisis is forcing the leaders of France, Britain, Germany and Italy to come together for an emergency summit in Paris. But differences on how to respond to the economic turmoil could drive them apart.
President of the European Council Jean-Claude Juncker (L), European Commission President Jose-Manuel Barroso, France's President Nicolas Sarkozy and German Chancellor Angela Merkel walk to a family picture of a summit to discuss the international financial crisis at the Elysee Palace October 4, 2008.
French President Nicolas Sarkozy, left, shakes hands with European Commission President Jose Manuel Barroso during arrival for an emergency financial summit at the Elysee Palace in Paris, Saturday Oct. 4, 2008. The global financial crisis is forcing the leaders of France, Britain, Germany and Italy to come together for an emergency summit in Paris. But differences on how to respond to the economic turmoil could drive them apart.
PARIS - OCTOBER 04: French President Nicolas Sarkozy (L) greets President of the European Commission, Jos�anuel Barroso in the courtyard of the Elysee Palace on October 4, 2008 in Paris, France. European Leaders from France, Italy, Britain and Germany are holding a meeting in Paris to discuss the economic crisis in Europe.
LONDON - OCTOBER 03: New Business Secretary Peter Mandelson walks to the European Commission offices in Westminster on October 3, 2008 in London. Mr Mandelson has made a surprise return to the cabinet after twice stepping down from previous positions. Prime Minister Gordon Brown has re-shuffled his cabinet after Transport Secretary Ruth Kelly resigned.
LONDON - OCTOBER 03: New Business Secretary Peter Mandelson walks to the European Commission offices in Westminster on October 3, 2008 in London. Mr Mandelson has made a surprise return to the cabinet after twice stepping down from previous positions. Prime Minister Gordon Brown has re-shuffled his cabinet after Transport Secretary Ruth Kelly resigned.
EU Commissioner for Internal Market and Services Charlie McCreevy addresses the media at the European Commission headquarters in Brussels, in this Wednesday, Oct.1, 2008 file photo. European Union officials are moving toward imposing significant new regulatory burdens on credit ratings agencies, saying they are too important for the stability of the world's financial markets for EU officials to ignore any longer. The European Commission will propose on Wednesday Nov. 12 2008 how regulators should start getting in the game, with a set of rules that go beyond U.S. proposals amid a sense that banks and others relied on top ratings given to mortgage-based securities that turned out to be far riskier than they appeared. The EU regulatory focus could mean big changes for New York-based Standard & Poor's, a business segment of publisher McGraw-Hill, and Moody's Corp. Most investments require two ratings, and these two companies mop up the bulk of the market. "This business is much to important for the stability of the financial markets for us to sit by and watch from the sidelines," the EU's financial services chief, Charlie McCreevy said recently.
EU Commission President Jose Manuel Barroso addresses the media at the European Commission headquarters in Brussels, Wednesday, Oct.1, 2008. The EU Commission President called Wednesday for a global response to a world financial crisis that has forced European governments to spend billions of euros (dollars) in recent days to rescue struggling banks.
EU Commission President Jose Manuel Barroso grimaces, as he addresses the media at the European Commission headquarters in Brussels, Wednesday, Oct. 1, 2008. The EU Commission President called Wednesday for a global response to a world financial crisis that has forced European governments to spend billions of euros (dollars) in recent days to rescue struggling banks.
EU Commission President Jose Manuel Barroso grimaces, as he addresses the media at the European Commission headquarters in Brussels, Wednesday, Oct.1, 2008. The EU Commission President called Wednesday for a global response to a world financial crisis that has forced European governments to spend billions of euros (dollars) in recent days to rescue struggling banks.
EU Commissioner for Competition Neelie Kroes, addresses the media at the European Commission headquarters in Brussels, Wednesday, Oct.1, 2008. The EU Commission President called Wednesday for a global response to a world financial crisis that has forced European governments to spend billions of euros (dollars) in recent days to rescue struggling banks.
EU Commissioner for Competition Neelie Kroes, addresses the media at the European Commission headquarters in Brussels, Wednesday, Oct.1, 2008. The EU Commission President called Wednesday for a global response to a world financial crisis that has forced European governments to spend billions of euros (dollars) in recent days to rescue struggling banks.
EU Commissioner for Competition Neelie Kroes, addresses the media at the European Commission headquarters in Brussels, Wednesday, Oct.1, 2008. The EU Commission President called Wednesday for a global response to a world financial crisis that has forced European governments to spend billions of euros (dollars) in recent days to rescue struggling banks.