Brussels, 22/10/2008 (Agence Europe) - The group of independent experts charged with considering the form that financial supervision in Europe is to take “will begin its work in the next few days,” and will deliver its initial conclusions before the European Spring Council in March 2009, Commission President José Manuel Barroso said on Wednesday 22 October. Indicating his satisfaction with the composition of this “very high level team” (see EUROPE 9766), Barroso said that the group's work would allow us to move from principles to practice. There had to be international supervision of financial markets since “national supervision doesn't make any sense,” Barroso said, calling for proposals on financial supervision in Europe and on how this supervision can fit in with more widespread efforts. Jacques de Larosière, who will chair the group, said the aim is not to produce “the Nth 477-page report which no one will read”, but to identify the weaknesses in the present system. “This work only makes sense in the global context” and the group, he said, would seek ways to make the European proposals articulate with improved international supervision. (A.B./transl.rt)