The Commission has approved:
- Danish proposals to give help in the liquidation of Roskilde Bank;
- a Spanish plan for providing liquidity to eligible banks;
- a scheme to give financial help to Hungary;
- a Dutch financial institution guarantee scheme; and
- a French scheme for refinancing credit institutions.
Jose Barroso, the Commission's President, also spoke on European answers to the financial crisis. He looked at the immediate help the Commission had to give and what now needs to be done. Priorities include tightening up the regulation of credit-rating agencies and dealing with executive pay. He also wants to look at hedge funds, derivatives and private equity. However, he stressed the biggest challenge is to rebuild the global financial system, which needs co-operation between not only the EU and US but other major market players as well, such as China and India.