European leaders ended a two-day summit Friday with agreements tocreate a financial regulatory body and to back European CommissionPresident Jose Manuel Barroso's bid for another term in office.

The agreement totoughen financial oversight came only after European Union leadersmanaged to overcome British fears that European supervisors would bedictating terms to national banks and other financial bodies.

British Prime Minister Gordon Brown speaks during a media conference at an EU summit in Brussels, 19 Jun 2009Ashe outlined the main achievement of the Brussels summit to reporters,Britain's Prime Minister Gordon Brown said cross-border financialsupervision was critical and the deal had not undermined nationalinterests.

"It does not change the relationship between theEuropean Union and its member states," he said. "The protocol clarifiesbut does not change the content or the advocation of the ofthe Lisbon Treaty and all these words are stated specifically in thedecision that is issued today."

But analysts say the EUregulatory deal is not as far-reaching as the ambitious overhaulproposed this week by President Barack Obama in a bid to ensure majorfinancial crises can be avoided in the future.

As expected,leaders of the 27-member block also threw their support behind JoseManuel Barroso's bid for another term as president of the EuropeanCommission, the EU's executive arm. Mr. Barroso is a former Portugueseprime minister.

"He has proved beyond doubt that he has thevision, the determination and the courage to lead Europe forward forthe next five years. Europe is and will be a better and stronger Europeunder his leadership," said the British prime minister.

Meanwhile,Ireland's Prime Minister Brian Cowen announced Irish voters would havea second chance to weigh in on the EU's Lisbon reform treaty inOctober. Voters rejected the pact in a referendum last year, butexperts predict they may back it this time around. All EU countriesmust approve the treaty for it to go into effect.