The European Commission needs much stronger and clearer rules against conflict of interest. Commission President Barroso has announced a review of the Commissions' Code of Conduct, but the current team of Commissioners will be replaced on the basis of the very weak existing Code of Conduct. Five years ago, the last time a team of Commissioners was replaced, the approval procedure for post-Commission employment plans proved inadequate; for example, one Commissioner got permission to establish a for-profit lobby consultancy firm within weeks after leaving the Commission.

e vast majority of financial ‘experts’ advising the European Commission represent the banks and investors responsible for the global economic crisis. The Commission must break free of these advisors on financial issues if it is serious about reforming the failed financial system.