That is according to the body's regulatory chief Michel Barnier, who has revealed policymakers are considering introducing a fresh system whereby bonuses are restricted to a fixed ratio of wages.
During an interview with Reuters, Mr Barnier also explained the EC is looking into the possibility of capping senior bankers' pay awards to a multiple of their junior colleagues.
These reforms would represent a significant change to current European Union (EU) law should they be passed but Mr Barnier - who assumed his role at the EC in February 2010 - believes they could be essential to avoid a public backlash on financial pay.
"If banks are incapable of self-discipline with regards to bonuses, then we must act," he told the news source.
The official is now in the process of drafting a proposal for this new law, which will then be considered by member EU states.
By Gary Cooper