Banks labour to recapitalisation: Barroso

BRUSSELS: European Commission President Jose Manuel Barroso said on Thursday bank recapitalisation efforts were already well under way in Europe, and such efforts should be coordinated.

"It is important to pursue the efforts already under way, they are already under way, following the last stress tests, the banks are making an effort for recapitalisation," Barroso told reporters.

"I believe a common, or at least a coordinated approach is of course wise to be considered, because some of these issues have a very important effect also in the single market."

Barroso declined to say how much he thought would be needed to ensure recapitalisation of the banks.

The European banking sector has been increasingly shunned by investors as a result of the euro zone debt crisis.

Copyright Reuters, 2011