BERLIN (AFP) — EU officials both downplayed the impact of this week's stock market crisis on the 27-member bloc and called for further market transparency in remarks published on Saturday.
"The markets are nervous and tend to overreaction. We need to stay cool and send positive signals," European Union Economic and Monetary Affairs Commissioner Joaquin Almunia told Germany's Spiegel-Online website.
Still, Almunia described the extent of market turbulence as "unfortunately, not surprising," predicting 400 billion dollars (272.6 billion euros) in losses over the coming months.
"It will bring clarity and transparency, which the markets need," he added, urging the EU to improve its instruments of market control.
Almunia's call was echoed by Commission President Jose Manuel Barroso, who urged the EU to "reinforce the transparency of financial markets" and for the block to emphasise its growth and employment goals, in remarks to appear in Sunday's edition of Germany's daily Bild newspaper.
Meanwhile German Chancellor Angela Merkel also sought Saturday to ease concerns about the impact of the market crisis on Germany's economy, Europe's largest.
"The turbulences on the international stock markets have created a lot of anxiety in recent days. I can understand this, but at the same time I say there is no reason to be pessimistic," Merkel said in her weekly message, published on her website.
All the conditions are united to ensure continued robust growth in Germany this year, she added.
The remarks follow a week of volatile trading that ended with a global stock market rebound in Asia Friday, which later ran out of steam in Europe and the United States amid fresh concerns about the health of the global financial sector.
French bank Societe Generale also announced on Thursday that a single trader who fooled his bosses carried out a massive 4.9 billion euro (7.15 billion dollar) fraud -- one of the biggest in financial history.
Earlier in the week, Barroso urged the United States to tackle its underlying economic weaknesses, which he blamed for fuelling the financial market turmoil.
Still, in their remarks to the German newspapers both EU officials expressed confidence that the bloc would weather the crisis.
"We are not immunised against turbulences, particularly against those coming from the United States. But we remain on the road to growth," Barroso said, adding the EU's economic base remained sound.
"We have the lowest unemployment level in 25 years...the euro is strong...we can be confident," he said.
Barroso's remarks come ahead of a Tuesday meeting in London bringing together the leaders of Britain, France, Germany and Italy to discuss the global economy and the stock market crisis.
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