"These reforms represent a significant step but they're not the revolution the financial sector badly needs," said GUE/NGL MEP Jürgen Klute ahead of today's European Parliament vote on the banking reform package.

"This is a major step forward in terms of the stabilisation and reconstitution of the banking sector in the EU," Klute said of the package that is set to cap bankers' bonuses from next year on and increase bank capital reserves.

"We support the fact that it has been possible to have a differentiated banking sector and that cooperative and savings banks - which have proved stable throughout the crisis - are defended."

"Nevertheless, crucial measures that should have limited the indebtedness of banks have been postponed. On leverage ratios we would have liked them to be introduced earlier," he said, setting out the group's intention to continue pushing this key issue. "The way to recovery is a long way off," he concluded.

The vote will take place between 12.00 - 14.00 today in Strasbourg.