European Parliament president Martin Schulz said the European Union should revise its code of conduct after the furore caused by former European Commission president Jose Manuel Barroso taking a job with US bank Goldman Sachs, a German paper reported on Wednesday.

"We should adapt the code of conduct to make it clearer what former EU Commission presidents and EU commissioners are permitted to do," Schulz told the German newspaper Die Welt in an interview.

Mr Barroso’s successor Jean-Claude Juncker on Sunday opened an unprecedented ethics investigation of Mr Barroso and whether he had breached a requirement to act with integrity by taking the job with the US investment bank.

Goldman appointed Mr Barroso as a non-executive chairman of its international arm in London two weeks after Britons voted for Brexit in June.

Mr Barroso said he would advise the bank on issues arising from the negotiations for Britain to leave the European Union. Asked if the current EU ethics rules were too lax, Mr Schulz told the paper, “They are not precise enough. It’s normal when a former EU Commission president is looking for a job. No one has an issue if he writes books or teaches at a university. But it’s strange that Barroso wants to advise the biggest investment bank on the Brexit issue.”

Mr Barroso has accused Mr Juncker of “discriminatory” behaviour for opening the ethics probe and said the inquiry was “inconsistent” with the treatment of other former commissioners.

Reuters