PARIS – European Commission chief Jose Manuel Barroso has proposed the introduction into European law of “individual responsibility” which would expose financial sector wrong-doers to criminal sanctions.
“This Thursday I am going to propose that individual criminal responsibility for financial players be recognized in European law,” Barroso said in comments run by Le Parisien newspaper on Sunday.
Such a move would oblige European Union nations which do not yet have such a law on their statute books to make the necessary changes.
“We have seen abusive behavior on the markets, some of which has provoked the current crisis. We are going to regulate these practices,” Barroso said.
“Those who violate them will incur criminal penalties. That would be a first in European law and send a strong signal,” he insisted.
Barroso also appealed to political leaders to support rather than criticize EU policy as Brussels bids to tackle the eurozone debt crisis which has already led to massive bailout loans for Greece, Ireland and Portugal.