The European Parliament has called on banks and other financial institutions that sold Parmalat bonds to reimburse investors for their losses and urged for tougher measures to deal with corporate fraud.

Parliament's resolution on corporate governance and Parmalat, the bankrupt Italian dairy group, is not binding, but the unanimous vote on Thursday adds to pressure for more drastic action after financial scandals in the US and Europe. European regulators and legislators are shocked by the extent of the fraud at Parmalat and alleged market rigging at Finamatica, the Italian software company.