EU calls for global response to credit crisis

By JERUSALEM POST STAFF
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. Jose Manuel Barroso said the banking meltdown is having an impact on the real economy, adding urgency to reforms governments should make open up their economies. He also said it was "critically important for the credibility of markets" for governments to work together on urgent bailouts for troubled banks - and find longer-term solutions to fix problems in the banking system. He said the European financial system has coped well in recent days but "there are some difficulties and we should certainly do more and do more efficiently."