A new rulebook could be compiled to ensure better control of Europe's financial services sector, according to European Commissioner for internal markets Charlie McCreevy.
The former minister of finance told delegates at the Institute of European Affairs in Dublin that old and unnecessary laws could be revamped or ditched as new regulations came in to tighten the industry.
Mr McCreevy, who is working to ensure the free movement of people, goods, services and capital across the EU, said adopting new rules would be a mammoth task.
"As a long-term project, the idea of a financial services rulebook seems a sensible idea. We will look closely to assess the feasibility of such a huge project," he said.
Mr McCreevy agreed the European Union was facing severe difficulties but claimed greater progress often came from such tough exchanges. He played down talk of a crisis and said it sounded no worse than disagreements at his party meetings in Ireland.
He told delegates at the Institute of European Affairs in Dublin he was unconditionally committed to better regulation.
"There are no sacred cows in this exercise," he said. "Where an evaluation shows that rules do not meet the quality criteria, necessary action will be taken to put them right. Or they should be scrapped to the history books."
He said better regulation was at the core of the new commission's agenda. "No legislative provision will get the McCreevy stamp, let alone that of the college, without the better regulation tests being passed with flying colours," he said.
"And I am also ready to check the existing stock of regulations and scrap anything that is outdated, superfluous or doesn't work." But he warned the commission could not do it alone and called on the European Parliament and Council to sign up as well.