Recent financial turmoil exposed the “chronic lack of private-sector discipline and competence”, Charlie McCreevy said on Wednesday as he reconfirmed Brussels’s intention to supervise credit ratings agencies and beef up banking regulation.

But the European Union internal markets commissioner – speaking to a parliamentary committee in Brussels and ahead of an informal meeting of EU finance ministers this week – said little about the contentious aspects of the proposed legislation, which is due to be presented next month and has provoked criticism from the financial services industry.