Xinhua News Agency
February 20, 2009

European Commission President Jose Manuel Barroso on Thursday expressed his worries that the current global economic destabilization will become more serious in the future.

During a meeting with German Chancellor Angela Merkel, Barroso said: “We are worried about a further destabilization of the financial markets and economies,” adding that more regulations toward hedge funds, investment funds and management compensation packages are being considered to deal with the worsening situation.

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According to a report of DPA, Barroso highlighted the role of Germany in fighting the financial crisis, saying that “Germany plays a key role in solving this crisis.”

He also reiterated EU’s position against protectionism, which he said is not the answer to the economic crisis.

The European Commission chief is in Berlin for talks ahead of a European finance summit on Sunday.

The Sunday’s summit, to be hosted by Germany, will be attended by France, Britain, Italy, Spain and the Netherlands. The countries will try to form a common European approach to the financial crisis ahead of a G20 summit in London scheduled for April.

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