European Commission (EC) financial chiefs on Monday called for promoting financial stability by regulating banking.

Following a two-day meeting of G20 Finance Ministers and Central Bank Governors in Mexico City, the EC delegates told a press conference that new regulations drawn up over the past year had to be applied.

"What is needed now is implementation, like that of the Basel III accords" designed to regulate banks, said Vitor Constancio, vice president of the European Central Bank.

Constancio praised the G20's recognition in its final statement at the end of its meeting that Europe has been taking necessary steps to ease the European debt crisis's pressure on the global economy.

"Substantive measures have been adopted in Europe," the statement said, highlighting the launch of the European Stability Mechanism and the agreement by European leaders to establish a single supervisory mechanism for banks, among others.

The EC delegates, including Vice President of the European Commission and Commissioner for the Economy Olli Rehn, said their economic projections were in line with those of the International Monetary Fund (IMF), which lowered Europe's economic growth estimate from 4 percent to 3.5 percent.

"While the situation remains fragile," said Rehn, the good news is "Europe is delivering on its commitment to do whatever it takes to safeguard the euro."

Rehn said Europe "expects to see gradual recovery, but later than previously expected, by the end of next year, (to become) more robust in 2014."

The G20 meeting of finance chiefs was the fourth and last such meeting of 2012. Top on its agenda were the U.S. "fiscal cliff," Europe's debt crisis and disaster risk management.

G20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union. Endi