Several member states were now considering how to solve the problem of toxic assets, which would continue to undermine confidence and hamper leading so long as they have remained on bank's balance sheets, he noted.
"Needless to say, this solution (of creating a bad bank) is not free of problems and it is just one among several possible avenues," Almunia said.
Britain proposed last week to create a 'bad bank' to buy up the toxic assets to restore trust and kickstart lending.
"But I believe that before rushing into the 'bad bank' debate we have to coordinate at EU level our views on first, what are the 'bad assets' that we need to deal with, second, what is the best way to value them, and only then to address the issue of what is the best way to manage them," said Almunia.
At the same time, he stressed "at this point that any further aid to the banking sector must be based on the principle of transparency".
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