Brussels, 12/04/2010 (Agence Europe) - The Commissioner responsible for the internal market Michel Barnier reiterated his preference for the European supervisory authorities having directly binding powers applicable to the financial institutions. On Monday 12 April he declared during an ECB organised conference that this is a last resort but it is important that this measure existed. He also provided assurances that future proposals on bank capital requirements (Basel IV ») would be calibrated as best they could in the time frame and in addition to other measures, while taking into account their economic effects. The Commissioner supports implementation of a European system for resolving the financial crisis and called for, “harmonising bankruptcy procedures and the creation of a fund that is as European as possible, financed by the banking sector”. (M.B.)