Sources say EU will address bankers' pay, rating agencies

06/1/2010 | Reuters

Michel Barnier, internal-market commissioner for the EU, plans to announce efforts to expand compensation curbs for financial institutions and improve oversight of credit rating agencies, sources said. Barnier, who will be joined by European Commission President Jose Manuel Barroso, is expected to explain how a new supervisor would oversee rating agencies. "We have put out the fire with Greece," a European Commission official said. "In the run-up to the [Group of 20] meeting, Barroso wants to make clear that Europe is taking the action needed in regulating the financial markets."

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