The latter group, led by former Federal Reserve Chairman Paul Volcker, was created at the height of the economic crisis in early 2009 and was only expected to be in existence for two years.
Wednesday, he tapped former Federal Reserve Chairman Paul Volcker to lead the President's Economic Recovery Advisory Board, a new group created to jolt the economy back into action.
The European Commission's Mr. Barnier also said his group was looking at options for structural changes in the banking sector, including the Volcker rule and the recent Vickers report in the U.K., which recommended ring-fencing, or roping off, bank's domestic retail deposits from the rest of their operations.