EU leaders upbeat as new bank rules launch

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At a Brussels summit, EU leaders said the beginning of the end of the global recession meant no further massive interventions and stimulus packages were necessary.

"Further budgetary stimulus would not be warranted and attention should shift toward consolidation, keeping pace with economic recovery," the 38 politicians said in a draft statement. "There is a clear need for a reliable and credible exit strategy."

International Monetary Fund deputy managing director John Lipsky, at a separate engagement, saying the organisation was likely to upgrade its global forecasts for economic growth.

That was a more upbeat tone than the message sent out to the world from last week's G8 financial ministers' summit, and added to a broadly positive day for British and European stock markets.

Having calmed concerns about Britain losing regulatory autonomy last night, the ministers were due to back the creation of a cross-border system of bank supervisors.

Financial Services Authority chairman Adair Turner today weighed into the row over regulating big banks as he declared himself in favour of tougher solvency rules.