The financial crisis in the US has an inevitable impact on Europe. Although the EU is primarily focusing on economic issues, it still seems difficult to react effectively to those challenges. How can the EU lead a consistent and independent financial policy to protect its economy?

The commission for economic and monetary affairs suggested the following:

 A change in the bonus culture of the banking sector
 An increase of the financial reserves of banks from 8% to 15%.
Transparent banking products, easier to understand.
 More thorough, international debates on financial issues.
 A European body focusing on control of the financial sector has to be set up.
 Banks have to inform their stakeholders each half year about their activities.

Are those suggestions valid ?