Jose Manuel Barroso, president of the European Commission, said leaders from the Group of 20 nations should agree to changes to financial regulations to prevent loopholes. "It is important to avoid gaps in terms of regulation and supervision," Barroso said. "It's very important that the basic principles agreed in London and in Pittsburgh at the G-20 are now translated in real binding legislation in our countries to avoid loopholes and to avoid this kind of negative inconsistencies between the systems of supervision and regulation."

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