The European Union is calling on the Bush administration to set limits on its secret monitoring of international financial transactions. The records have been obtained through SWIFT, which directs trillions of dollars in international bank transfers each day. European Council Commissioner Franco Frattini said the limits are needed in light of findings the program broke privacy laws.

European Council Commissioner Franco Frattini: “The temporary agreement concluded in October with the U.S.A. will expire by the end of July. There is the need to negotiate a very solid and stable legal framework in order to exchange PNR data in full respect of data protection and privacy rights.”