In a speech at the University of Pittsburgh today, Jose Manuel Barroso, the president of the European Commission of the European Union, called for greater cooperation between Europe and the United States in reforming financial markets and combating climate change.

Mr. Barroso, who received an honorary doctorate in public and international affairs during a luncheon ceremony at Alumni Hall, said that, "Only Europe and the U.S., with our global reach, our shared economic power and our shared values, have the critical mass to offer coherent and positive leadership for the world."

"This is no time for complacency," he said. "We must keep up the pressure for reform of financial markets."

Regarding climate change, he said, "We need a grand bargain" that would challenge developing nations to contribute to mitigation in order to receive aid -- "no action, no money" -- but would also say that the developed world needs to make a "credible financial commitment" to developing nations -- "no money, no deal."