Manuel Barroso is in London today amid claims the president of the European Commission wants a European Union regulator to govern aspects of Britain's economy.
The EC wants a Brussels-based watchdog to govern every EU financial market.
Speaking at a press conference with Gordon brown in Downing Street today, Mr Barroso said: "We will act and we will act together. I firmly believe that there is a way out of this crisis."
The domestic reaction has been distinctly hostile.
"Gordon Brown should stop dithering and stop these plans in their tracks," said shadow chancellor George Osborne.
"Greater international cooperation on banking shouldn't be an excuse for another EU power grab."
The proposal comes in a report ordered by Mr Barroso.
"It's not in the interests of the City, which must be submitted to greater regulation, that we repeat past mistakes," it reads.
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